Union Commerce and Industry Minister Piyush Goyal on Monday said the United Kingdom has significant export potential in India, with opportunities spanning pharmaceuticals, petroleum products, electronics, automobiles and Scotch whisky.
Speaking at the India-UK JETCO Business Plenary, Goyal called for stronger economic partnerships, highlighting the complementary strengths of the two economies and opportunities to expand bilateral trade and investment in infrastructure, clean energy and technology.
“Our shared ambition is to double bilateral trade by 2030. That's barely four and a half years away,” Goyal said, describing the target as a starting point for deeper economic cooperation.
He said the India-UK Comprehensive Economic and Trade Agreement (CETA) provides zero-duty access for most Indian exports to the UK while opening up opportunities for British exporters in the Indian market.
The agreement has also created opportunities in services, alongside the social security double contribution convention, Goyal said. He added that supplying services at competitive prices could improve profitability and deliver greater economic benefits to both countries.
Goyal also cited the India-UK Vision 2035 as a framework for expanding bilateral economic engagement. He said India brings scale, a growing manufacturing base, digital public infrastructure and a young workforce, while the UK contributes research, design, advanced technologies and financial services.
Highlighting India's export strengths, he listed smartphones, pharmaceuticals, jewellery, textiles, leather goods, agricultural products, steel, machinery and auto components.
He said British exporters could expand their presence in India through petroleum-related products, electronics and electrical equipment, medicines, motor cars and Scotch whisky.
On investment, Goyal identified infrastructure and clean energy as key areas for cooperation, including project development, renewable energy, transmission lines and utility financing. He said the government was ready to strengthen frameworks and mutual recognition arrangements to support closer economic ties.
(With agency inputs from ANI)
