Commerce and Industry Minister Piyush Goyal on Monday called upon businesses in India and the United Kingdom to translate the opportunities created by the India-UK Comprehensive Economic and Trade Agreement (CETA) into expanded trade, investment, partnerships, and job creation. Addressing 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 and make the India-UK Vision 2035 a framework for greater economic ambition and cooperation.
India and the UK were complementary economies with considerable potential to expand existing trade, develop new export opportunities and diversify the range of products exchanged, he said.
Goyal said the comprehensive economic and trade agreement (CETA) between the two countries marks a major milestone, providing zeroduty access in the United Kingdom market for most Indian exports while opening up signi¿cant opportunities for UK exporters across sectors.
The agreement has also opened up new opportunities in services. He added that the Social Security Double Contribution Convention could further bene¿t both economies through the supply of services at competitive prices and improved pro¿tability.
India and the UK were complementary economies with considerable potential to expand existing trade, develop new export opportunities and diversify the range of products exchanged, he said.
Priority areas
Highlighting the existing trade complementarities, the minister noted that India was a major exporter of smartphones, pharmaceutical products, jewellery, textiles, leather goods, rice and certain agricultural products, iron and non-alloy steel, machinery parts, and auto components. On the UK side, he identi¿ed potential in the supply of products across the petroleum value chain, technology products in electronics and electrical equipment, medicaments, motor cars and Scotch whisky.
Setting out ¿ve priority areas for India-UK cooperation, Goyal said infrastructure and clean energy oႇered opportunities in project development, renewable energy, transmission lines, and utility ¿nancing to support sustainable growth in both countries.
