India-UK FTA: Targeted on doing commerce offers to enhance, not compete, says Goyal; ‘large investments’ in innovation sector over the subsequent decade

Union minister for commerce and trade Piyush Goyal on Thursday mentioned that India is in commerce dialogues with the international locations with whom it doesn’t compete fairly can complement with the economies concerned.Talking at an India International Discussion board session on UK-India collaboration, the minister highlighted the alternatives that commerce agreements create, each for the 2 international locations and the worldwide financial system.Talking on the Queen Elizabeth II Centre, Goyal rejected claims that the insurance coverage concession was one-sided. “It’s unfair to name it a giveaway,” he mentioned. “The settlement offers stability and predictability to enterprise and advantages staff from each side. Actually, related preparations exist in lots of international locations, and this can be a win-win for mobility and commerce.” He added that it was a matter of equity: “They shouldn’t be double taxed, as they pay social safety prices within the UK and India.”UK Commerce Secretary Jonathan Reynolds echoed Goyal’s remarks, affirming that the deal wouldn’t drawback British staff. “No British employee is undercut by this UK–India FTA settlement,” Reynolds mentioned. “Enterprise mobility has improved attributable to this; in flip, it has improved entry to companies and procurement.”The joint look signalled a powerful political will to deepen bilateral ties. “There’s hardly something during which India and the UK compete; we complement one another,” Goyal mentioned, including confidently: “I consider this partnership is an effective marriage. I see bilateral commerce doubling within the subsequent 5 years.”Reynolds spoke about India’s strategic significance: “India is among the most enjoyable international locations on the earth, and really one of the vital. With the issues we face globally, I can’t see any approach to repair these with out India taking part in a number one position.”Manoj Ladwa, Founder and Chairman of the India International Discussion board, additionally emphasised the future-driven focus of the UK–India partnership. “We at IGF are constructing partnerships for the longer term. Powered by three key forces—Know-how, Expertise and Capital—we’re linking International Britain and International India in tangible and transformative methods,” he mentioned.Day one in every of IGF London 2025 set the tone for a dynamic three, day summit, that includes greater than 100 audio system and over 1,000 contributors. With classes throughout iconic London venues, the discussion board is tackling daring themes together with AI, power transition, healthtech, geopolitics, and the artistic financial system, additional energising the FTA’s momentum.