NEW DELHI: Union Commerce and Industry Minister Piyush Goyal on Monday has called for doubling bilateral trade between India and the United Kingdom by 2030, highlighting the need to diversify trade by exploring opportunities for new product lines under the two countries’ Comprehensive Economic and Trade Agreement (CETA).
He also identified five priority areas for cooperation — infrastructure and clean energy, advanced manufacturing and resilient supply chains, technology and innovation, financial services, and healthcare and consumer sectors — where India and the UK need to translate the agreement’s potential into tangible gains for businesses.
Addressing the JETCO Business Plenary under the 16th Session of the India-UK Joint Economic and Trade Committee (JETCO), he said the two countries should aim to double bilateral trade by 2030. On infrastructure and clean energy, he highlighted opportunities in renewable energy, transmission lines, project development and utility financing.
In advanced manufacturing, he called for deeper cooperation in electric vehicles, batteries, electronics and precision engineering to build competitive manufacturing ecosystems and strengthen supply-chain resilience.
"Ultimately, it will be the willingness and commitment of businesses on both sides that will truly bring the agreement to fruition. It is a piece of paper until you make the best of it,” Goyal said.
According to him, technology and innovation formed the third priority, with opportunities for collaboration in semiconductors, quantum computing and artificial intelligence. Goyal also called for stronger links between universities, research institutions, technology companies and start-ups, alongside greater cooperation in research and development.
In financial services, he identified scope for closer collaboration between London’s financial district and Gujarat International Finance Tec-City (GIFT City), particularly in fintech, insurance, cross-border payments, transition finance and trade finance.
Healthcare and consumer sectors formed the fifth area, with Goyal highlighting opportunities to combine India’s strengths in affordable generic medicines with the UK’s capabilities in branded and innovative pharmaceutical products. The India-UK Comprehensive Economic and Trade Agreement (CETA) was signed on July 24, 2025 and officially entered into force on July 15, 2026.
