Key Points

Mumbai (Maharashtra) [India], October 8 (ANI): Union Minister of Commerce and Industry, Piyush Goyal, and Peter Kyle, UK Secretary of State for Business and Trade, held a bilateral meeting in Mumbai on Wednesday to chart a renewed course for the India-UK trade and investment partnership, the Ministry of Commerce & Industry said in a release.

According to the release, the meeting marked a significant step towards operationalising the India-UK Comprehensive Economic and Trade Agreement (CETA), with both Ministers agreeing to reposition the Joint Economic and Trade Committee (JETCO) to oversee its implementation and delivery.

Both sides underlined their commitment to ensuring swift, coordinated, and results-orientated implementation of the Agreement, aimed at realising its full potential for businesses and consumers in both countries.

The Ministers reaffirmed their shared ambition to double bilateral trade by 2030, leveraging the complementarities between the two economies in areas such as advanced manufacturing, digital trade, clean energy, and services.

Emphasising the transformative scope of CETA, the Ministers discussed ways to maximise its benefits through regulatory cooperation, addressing non-tariff barriers, and promoting supply chain integration.

The highly productive Commerce Secretary and Director General-level meeting set the tone for the Ministerial meeting, which laid a strong foundation for a full day of engaging and forward-looking discussions.

Ahead of the bilateral meeting, a series of sectoral roundtables were held across priority sectors including including Advanced Manufacturing, Consumer Goods, Food and Drink, Science, Technology and Innovation, Construction, Infrastructure & Clean Energy, and Financial, Professional & Business Services (including IT/ITeS, education, and engineering). These dialogues brought together leading voices from Indian and UK industry and provided valuable insights to guide implementation.

The India-UK CEO Forum was also held, bringing together business leaders from both countries to discuss new opportunities for trade, investment, and innovation. Co-chaired by prominent industry representatives from India and the United Kingdom, the Forum served as a key platform to deepen bilateral economic cooperation and strengthen partnerships across sectors. The discussions reaffirmed the shared commitment of India and the UK to advancing a modern, mutually beneficial, and sustainable economic partnership, strengthened by the India-UK CETA.

Both Ministers also exchanged views on the global trade and economic outlook, acknowledging the importance of building resilient and diversified supply chains amid ongoing global uncertainties. Shri Goyal highlighted India's emergence as a key growth engine of the global economy, while Secretary Kyle underscored that the UK's deal is the best ever secured with India, putting British businesses first in line to access its vast market and drive growth, jobs, and prosperity at home.

The meeting concluded with a business plenary attended by senior industry representatives from both sides. Both sides reiterated their determination to advance a modern, inclusive, and mutually beneficial trade partnership, unlocking new opportunities for growth, investment, and innovation.

- ANI