Piyush Goyal meets HSBC's Vivek Ramachandran, says CETA will create enabling environment for businesses to expand
New Delhi, June 26
Union Minister for Commerce and Industry Piyush Goyal on Friday met Vivek Ramachandran, Head of Global Trade Solutions at HSBC, and discussed how the Comprehensive Economic and Trade Agreement between India and the UK will enable businesses to expand.
Goyal, who is on a visit to the United Kingdom, highlighted the role financial institutions will play in helping businesses navigate new markets as CETA gets implemented.
"Good meeting with Mr. Vivek Ramachandran, Head of Global Trade Solutions at HSBC. Discussed how the India-UK Comprehensive Economic and Trade Agreement (CETA) will create an enabling environment for businesses to expand. Highlighted the vital role financial institutions will play in helping businesses navigate new markets through stronger trade finance and cross-border banking solutions," Goyal said in a post on X.
During his visit to the UK, Goyal announced the deployment of 1,000 advisory personnel across the country and the upgradation of the trade portal to help businesses maximise the benefits of CETA.
Goyal participated in a series of high-level engagements during the 10th Annual UK-India Week in London today, highlighting the opportunities arising from the forthcoming implementation of CETA on July 15, 2026.
As India's most comprehensive free trade agreement to date, the India-UK CETA is projected to increase bilateral trade by GBP 25.5 billion annually.
Addressing the India Global Forum (IGF) Capital Frontiers Forum, Goyal said that the India-UK partnership has expanded beyond traditional trade to encompass strategic sectors such as technology, sovereign AI, critical minerals, defence and clean energy. He observed that the evolving partnership reflects the growing depth and diversity of bilateral economic engagement.
At a reception hosted by the High Commission of India and FICCI, the Minister welcomed the largest and most geographically diverse Indian business delegation to visit the United Kingdom.
The delegation included significant participation from enterprises based in Tier-2 and Tier-3 cities, along with several first-time exporters.
Highlighting the benefits of the India-UK CETA for Indian professionals, Goyal said the Agreement provides a five-year exemption from social security contributions for eligible Indian professionals working in the United Kingdom, enabling them to redirect these savings into interest-bearing, tax-free provident fund accounts in India.
The Minister also emphasised the importance of strengthening sub-national economic partnerships and highlighted region-to-region linkages, including Birmingham-Gujarat and Manchester-Maharashtra, as important drivers of future bilateral growth.
— ANI
Reader Comments
The focus on Tier-2 and Tier-3 cities is what excites me. Our small exporters from places like Indore, Coimbatore, etc., finally getting a chance to go global. But we need to ensure the trade portal upgrade is user-friendly and not just bureaucratic jargon.
The Birmingham-Gujarat and Manchester-Maharashtra linkages are a masterstroke – tapping into diaspora connections will oil the wheels of trade. One concern though: while CETA sounds promising, SMEs in India often struggle with compliance costs. Hope the advisory personnel deployment actually reaches ground level and helps them.
"Enabling environment" is a good phrase but implementation is key. Remember the ups and downs of FTA negotiations? At least CETA is now concrete with a July 2026 deadline. The social security exemption for Indian professionals is a game-changer – no more double deductions! 🎉
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