Union Minister for Commerce and Industry Shri Piyush Goyal has called upon businesses in India and the United Kingdom to aim for doubling bilateral trade by 2030 and make the India-UK Vision 2035 a framework for greater economic ambition and cooperation. This announcement was made during the JETCO Business Plenary under the 16th Session of the India-UK Joint Economic and Trade Committee (JETCO), marking the first session following the signing and entry into force of the India-UK Comprehensive Economic and Trade Agreement (CETA) on 15 July 2026.
The CETA agreement provides zero-duty access in the United Kingdom market for most Indian exports while opening up significant opportunities for UK exporters across sectors, with additional opportunities in services. The Social Security Double Contribution Convention could further benefit both economies through the supply of services at competitive prices and improved profitability. Minister Goyal emphasized that with approximately 1,500 days remaining until 2030, businesses need to work aggressively toward achieving the shared ambition.
Minister Goyal identified five priority areas for India-UK cooperation: infrastructure and clean energy (project development, renewable energy, transmission lines, utility financing); advanced manufacturing and resilient supply chains (electric vehicles, batteries, electronics, precision engineering); technology and innovation (semiconductors, quantum computing, artificial intelligence); financial services (fintech, insurance, cross-border payments, transition finance, trade finance between City of London and GIFT City); and healthcare and consumer sectors (generic pharmaceuticals, branded pharmaceuticals, diagnostics, food processing, consumer goods).
Rt Hon Jonathan Reynolds MP, Secretary of State for Business, Innovation, Science and Trade of the United Kingdom, stressed the need for practical support to help businesses, particularly MSMEs and first-time exporters, understand tariff reductions, rules of origin, customs procedures, regulatory requirements and procurement opportunities. He emphasized that CETA's success would depend on businesses using it to expand exports, investment and partnerships, with business feedback being taken up through CETA's utilisation review, committees and working groups.
Union Minister of State Shri Jitin Prasada highlighted technological collaboration as the next frontier of India-UK economic relations, particularly in artificial intelligence, semiconductors and data centres, building on the UK's strengths in research and development combined with India's engineering talent and digital market scale.
The Ministers reviewed early business uptake of CETA, bilateral trade and investment developments, and priorities for the year ahead. They welcomed the establishment of sub-committees and working groups under CETA and exchange of contact points for these sub-committees, agreeing that the committees will develop a practical forward roadmap identifying priority areas and issues. The JETCO coincided with the visit of seven mayors and a combined authority leader from the North of England, supported by the UK India Business Council which is facilitating market strategies and engagement plans to translate intent into practical programmes.