New Delhi, June 3 (SocialNews.XYZ) The UK- India Business Council on Wednesday welcomed United Kingdom’s Secretary of State for Business and Trade, Peter Kyle's visit to India and called for accelerated implementation of the India-UK Free Trade Agreement (FTA).
Secretary Kyle held discussions with Commerce and Industry Minister Piyush Goyal on bringing the India-UK FTA into force at the earliest, the industry chamber said.
"Bilateral trade between the UK and India is already worth £48 billion a year and the FTA will liberalise 99 per cent of UK tariffs and 90 per cent of Indian tariffs, supporting cheaper, quicker, and easier exports and trade between markets," the statement noted.
The industry chamber described India-UK FTA, signed in July 2025 as UK's "most economically significant bilateral trade agreement" since its exit from the European Union.
The pact includes 30 chapters covering areas such as trade, innovation, labour, environment, and gender cooperation, making it one of India’s most comprehensive trade agreements to date.
“This is a comprehensive trade detail between the world's fourth and sixth largest economy, is in its final stage, after years of careful negotiations. And with the current geopolitical economic scenario, this agreement will unlock massive opportunities for businesses and consumers in the UK and India," said Dr. Kishore Jayaraman, Group CEO, UKIBC.
The growing momentum in UK–India trade and investment reflect the long-term confidence businesses have in the corridor and the shared ambition to build future-facing economic ties, the statement noted.
Earlier last month, Goyal had held a virtual interaction with the UK trade minister to explore ways to deepen bilateral trade and investment ties while fully leveraging opportunities under the India-UK CETA.
India has been actively expanding its network of free trade agreements (FTAs) in recent years as part of its broader strategy to strengthen global trade partnerships and integrate more deeply into global supply chains.
According to a recent report, India’s trade with strategic FTA partners grew 92 per cent between FY21 and FY25, significantly outpacing the 41.5 per cent increase in India’s overall merchandise trade with the rest of the world.
India currently has nine FTAs covering 38 countries, including agreements with the UAE, Australia, EFTA nations, the UK, Oman, New Zealand and the European Union.
Last month, Goyal also underlined the importance of a balanced and responsive World Trade Organization (WTO) that effectively addresses the concerns and aspirations of developing countries and Least Developed Countries (LDCs).
—IANS
aar/pk
Source: IANS
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