Indian Commerce and Industry Minister Piyush Goyal was in London for a two-day visit focused on enhancing investment ties and strengthening bilateral trade between India and the UK through a series of high-level discussions aimed at deepening economic cooperation.
Earlier, on arrival in London on Monday 28 April, he met with the Secretary of State for Business and Trade, Jonathan Reynolds, to advance negotiations for a Free Trade Agreement (FTA) between the two nations. Taking the X, Goyal wrote that “Arrived in London for two days of engaging discussions aimed at strengthening bilateral trade and investment relations. In my first engagement, held a productive meeting with the UK Secretary of State for Business and Trade @JReynoldsMP to advance Free Trade Agreement negotiations, reinforcing our commitment to deepening India-UK economic ties.”
On the first day of his visit, Piyush Goyal met industry leaders, including Martin Gilbert, Chairperson of Revolut, to discuss growth opportunities in India’s fintech sector. They highlighted the role of global partnerships in driving innovation and expansion. Goyal later posted: “Exchanged views on the immense opportunities in India’s fintech ecosystem and the importance of partnerships with global players to drive innovation and growth.”
Goyal met Al Cook, CEO of De Beers Group, to discuss global trends in gems and jewellery, India’s role in the sector, sustainable practices, and diamond industry growth. He later joined Indian business delegates for dinner, focusing on India’s industrial growth and opportunities for deeper UK-India collaboration.
During the India-UK Business Roundtable, Minister Piyush Goyal said that 25 of 26 issues in the UK-India trade deal talks have been agreed, according to sources. On his second day of talks with Trade Secretary Jonathan Reynolds, Goyal flagged key outstanding matters, including India’s request for an exemption from the UK’s planned carbon tax on high-emission imports.
Other unresolved issues involve the deal’s wording on Indian territory and the sunset clause in the investment treaty. UK officials, including trade negotiator Amanda Brooks, said a deal is close.
Talks resumed in February when UK Trade Secretary Jonathan Reynolds visited Delhi. A breakthrough came as India accepted only limited UK visa concessions, with the mobility chapter now closed. The UK is expected to grant just 100 additional work visas annually to Indian nationals.
A Downing Street spokesperson described the negotiations as “constructive and productive,” adding the UK will only sign a deal that serves its national interest.
Goyal also met with Mark Tucker, Group Chairman of HSBC and exchanged views on sustainable finance, innovation-led investments, strengthening India’s integration with global financial systems and HSBC’s plans to expand their presence in India.
Goyal’s visit follows Indian Finance Minister Nirmala Sitharaman’s recent London trip, where she expressed optimism about concluding the FTA soon. Talks are progressing quickly, with key issues likely to be resolved at the ministerial level. After the UK, Goyal heads to Oslo to review the TEPA deal with EFTA nations, and will conclude his Europe tour in Brussels for trade talks with the EU.
