India has signed a historic Free Trade Agreement with the UK, opening vast trade opportunities. Commerce Minister Piyush Goyal confirms ongoing talks with the US, EU, and others. Key sectors like agriculture, startups, and MSMEs are expected to benefit, marking a new era in India’s global trade relations.
In a major diplomatic and economic breakthrough, India has signed a landmark Free Trade Agreement (FTA) with the United Kingdom, unlocking billions of dollars in trade opportunities. Union Commerce and Industry Minister Piyush Goyal confirmed that the government is actively pursuing similar trade agreements with several other countries, marking a significant leap in India’s global trade ambitions.
Speaking to IANS, Goyal stated that “very good talks” are progressing with countries like New Zealand, Oman, Chile, Peru, and the European Union (EU). He further emphasized that negotiations are also underway with the United States for a Bilateral Trade Agreement (BTA), with the fifth round of discussions already concluded in Washington, D.C.
“I firmly believe that all these negotiations will lead to positive outcomes,” said Goyal, projecting confidence in India’s strategy to boost international trade partnerships.
Highlighting the impact of the recent India-UK Comprehensive Economic and Trade Agreement (CETA), Goyal described it as a “historic leap” that will benefit a wide spectrum of Indian society, especially workers, farmers, MSMEs, and startups. The deal is expected to empower women, artisans, weavers, daily-wage earners, and bolster inclusive and gender-equitable growth in the country.
“Agriculture is a big winner under this agreement,” Goyal noted. The deal grants nearly 95 per cent of Indian farm products duty-free access to the UK. Additionally, 99 per cent of marine exports will now enter the UK market with zero tariffs, offering a significant boost to India’s fishing communities.
From village looms to advanced tech labs, the agreement aims to deepen global integration and financial access for Indian businesses. The deal also facilitates the global expansion of Indian startups by offering them easier access to UK investors and innovation ecosystems.
During Prime Minister Narendra Modi’s visit to the UK, he held both one-on-one and delegation-level discussions with British Prime Minister Keir Starmer at Chequers, the official country residence of the UK Prime Minister. According to Foreign Secretary Vikram Misri, the signing of the CETA was the centerpiece of the visit.
“This landmark agreement will significantly increase trade and investment between the two countries by lowering tariffs in key sectors, particularly those that are labour-intensive,” said Misri at a media briefing in London.
Business leaders from both nations have reportedly expressed strong support for the deal. In addition to the FTA, the two governments also agreed to finalize a Double Contribution Convention, which will become effective alongside the trade agreement. This initiative is expected to facilitate mobility for professionals and service providers, while also reducing the cost of doing business in both nations.
Other deliverables from the visit included the adoption of the India-UK Vision 2035 Document, which will shape bilateral ties over the next decade, and a Defence Industrial Roadmap, underscoring enhanced strategic cooperation between the two democracies.
Meanwhile, Goyal also highlighted the Trade and Economic Partnership Agreement (TEPA) between India and the European Free Trade Association (EFTA), which will come into effect on October 1. According to him, this deal is poised to create one million direct jobs in India.
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India’s ongoing global trade outreach represents a multifaceted approach to boosting the country’s economic resilience and expanding its presence in high-growth international markets. With negotiations actively progressing with multiple global players and a landmark agreement now in place with the UK, India’s trade trajectory is poised for a robust upward climb in the coming years.
