India-UK trade pact will act as a force multiplier for the global economy: Piyush Goyal
London/New Delhi, June 25 Union Commerce and Industry Minister Piyush Goyal on Thursday said that the India-UK Comprehensive Economic and Trade Agreement will act as a force multiplier for the global economy by strengthening cooperation between the two countries across trade, investment, technology and strategic sectors.
Speaking at the India Global Forum's UK-India Week 2026 in London, Goyal said the partnership between India and the United Kingdom has expanded significantly over the years and has evolved into a highly strategic relationship encompassing multiple sectors.
"The India-UK Comprehensive Economic and Trade Agreement will act as a force multiplier to support the global economy," Goyal added.
He noted that the bilateral relationship now extends beyond traditional trade ties to include cooperation in technology, investments, defence and critical minerals.
According to the minister, the growing engagement between the two countries reflects the increasing depth and breadth of the India-UK partnership.
Goyal said India and the United Kingdom also share common objectives in combating terrorism and promoting global peace and stability. He added that both countries are working together in several multilateral forums to encourage fair and equitable business practices that create a level playing field for all nations.
Highlighting the significance of the India-UK Comprehensive Economic and Trade Agreement, the minister said the pact would help Indian industries evolve, move up the value chain and enhance their global competitiveness.
He said the agreement would enable Indian businesses to compete with British companies in sectors where both countries operate while also creating opportunities for collaboration in areas where their strengths complement each other.
Goyal emphasised that the trade agreement would encourage both countries to become integral parts of global value chains, allowing businesses in India and the United Kingdom to support each other's economies and generate mutual growth.
He added that the partnership between the two nations has the potential to become a force multiplier for the global economy by combining their respective strengths in innovation, manufacturing, services and investments.
— IANS
Reader Comments
Interesting to hear about the focus on critical minerals. India's expertise in IT and services combined with UK's strength in fintech and research could create amazing synergies. Hoping this translates into real job creation in both countries. 🎓
Let's see the fine print. Every trade deal has winners and losers - hope our dairy farmers and small manufacturers don't get steamrolled by cheaper imports. The devil is always in the details. 🧐
This is fantastic news! As someone working in the textile industry, I see huge potential for our handloom and heritage products in the UK market. The 'Make in India' initiative needs such global partnerships to succeed. 🧵✨
About time! Post-Brexit UK is looking eastward and India is perfectly positioned. The mention of defence and strategic sectors is promising - we need more such alliances in these uncertain times. 🇮🇳🤝🇬🇧
Good initiative but the minister should also focus on easing regulatory hurdles for Indian businesses in UK. Many of our tech startups face visa issues and compliance nightmares there. Trade pact should address these ground realities! 💼🇮🇳
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