Union Minister Piyush Goyal during dinnertime during interaction with members of the Indian business delegation
Commerce and Industry Minister Piyush Goyal concluded his two-day visit to the UK at a joint business reception at Lancaster House in London. He then said he was looking forward to the “specific outcome” for the bilateral partnership.
Goyal was attended by UK Foreign Secretary David Lammy and senior business leaders in both countries, as well as Jonathan Reynolds’ Secretary of Business and Trade.
That was high on the agenda following a centralised closure meeting with Reynolds and British Prime Minister Rachel Reeves.
“We spoke to the rally with the Secretary of State for Business and Trade in the UK and spoke about the bright future ahead for the India-UK partnership with Jonathan Reynolds.”
“We are extremely grateful for the warm and elegant hospitality expanded by our UK partners and look forward to the tangible results of our shared vision,” he said.
The FTA references claim that in British media reports it claims that the deal is imminent on most of the remaining points of attachment agreed between both sides.
“We had a fruitful exchange of moving forward with the Indian-UK economic ties and building more of our strong partnership,” Goyal said following a meeting with Reynolds and Reeves on Tuesday at 10 Downing Street.
He came after addressing the India-UK business roundtable and brought together prominent business leaders and CEOs from both countries.
The Roundtable heard from the Minister about the wide range of investment opportunities across India and the potential for innovation-driven growth by increasing two-way partnerships.
“It highlighted opportunities to strengthen economic ties, promote innovation-driven growth and expand investment vehicles between India and the UK,” Goyal said after the roundtable.
The UK India Business Council (UKIBC), which was relaxed by CEO Richard Heald, said in X that the minister’s message was “India is open to business. Let’s co-create the next chapter of the economic relations between India and uk.” Following Goyal’s interaction on Monday, we had conversations with various senior business leaders to explore the possibilities for greater cooperation with the UK.
After a “productive meeting” with Reynolds to “advance negotiations on a free trade agreement,” Goyal spoke with Fintech Focus and De Beers Group CEO Al Cook and Revolut Chairman Martin Gilbert, focusing on “global trends in the gem and gem sector.”
“We exchanged views on the immeasurable opportunities in the Indian fintech ecosystem and the importance of partnerships with global players, driving innovation and growth.”
“We discussed India’s opportunities, sustainable practices and the outlook for growth in the diamond industry,” the minister said in relation to his meeting with Cook.
These one-on-one discussions were followed by interactions between Anant Goenka, senior vice-president of the Indian Chamber of Commerce and Industry (FICCI) and a delegation of CEOs traveling from India, including past presidents Patisinghania and Rajanbartimittar.
“We interacted with members of the Indian business delegation at the dinner party. We discussed the robust growth of our industry and the path for greater cooperation with the UK for mutual prosperity,” says Goyal.
All eyes were in FTA negotiations and were rebooted in February after a suspension of last year’s general election. They aim to capture transactions that are expected to significantly strengthen 41 billion GBP in the India-UK Trade Partnership fiscal year.
“The government is committed to doing the right deal with India, which will improve access to UK businesses, reduce tariffs and make trade cheaper,” he said in response to the question of FTAs being signed off.
From the UK, Goyal will be in discussions on trade and investment in Norway and Brussels.
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Released on April 30, 2025
