India-UK Economic Ties: Goyal Aims to Double Bilateral Trade
Commerce Minister Piyush Goyal co-chairs the 16th JETCO meeting to double India-UK bilateral trade by 2030 and unlock new business opportunities.
In a significant move to bolster international commerce, Union Commerce and Industry Minister Piyush Goyal has reaffirmed India's commitment to deepening economic ties with the United Kingdom. The goal is to unlock vast new business opportunities through enhanced collaboration and stronger institutional frameworks.
Speaking at the 16th India-UK Joint Economic and Trade Committee (JETCO) meeting, Goyal emphasized the urgency of the mission, noting that the ambition to double bilateral trade by 2030 is only four and a half years away.
Focus on CETA and Removing Trade Barriers
The high-level meeting, co-chaired by Goyal and the UK Secretary of State for Business, Innovation, Science and Trade, Jeremy Reynolds, focused on translating the India-UK Comprehensive Economic and Trade Agreement (CETA) into real-world benefits. Goyal stressed that for the agreement to succeed, both nations must actively address existing trade barriers and foster stronger business-to-business engagement.
The Minister highlighted that the two economies are inherently complementary, and by strengthening their economic partnerships, both nations can tap into unprecedented growth sectors.
Rising Trade Volumes
Recent data underscores the growing momentum of this partnership. According to the UK Department for Business, Innovation, Science and Trade, the total bilateral trade in goods and services between India and the UK reached approximately USD 54.09 billion (£48.4 billion) for the four quarters ending March 2026. This represents a 5.7 per cent increase compared to the same period the previous year.
The 16th JETCO meeting serves as a critical platform for both nations to ensure that sustained engagement and institutional mechanisms are in place to manage this growing economic relationship and secure long-term prosperity for businesses in both countries.