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In a significant step toward strengthening bilateral relations, Commerce and Industry Minister Piyush Goyal met with UK Chancellor of the Exchequer Rachel Reeves and Secretary of State for Business and Trade Jonathan Reynolds.
The leaders engaged in productive discussions focused on deepening India-UK economic cooperation and strengthening the longstanding partnership between the two nations. In a post on microblogging site X, Union Minister Piyush Goyal said, "It was a pleasure to meet @RachelReevesMP, Chancellor of the Exchequer, along with @JReynoldsMP, Secretary of State for Business and Trade, UK. Had a fruitful exchange on advancing India-UK economic ties and further building on our strong partnership." Earlier, in February, Prime Minister Narendra Modi and Prime Minister Keir Starmer of the United Kingdom met on the sidelines of the G-20 Summit in New Delhi, India, to underline the importance of resuming trade negotiations at an early date. India and the United Kingdom have resumed negotiations towards a trade deal between our two countries. The announcement was made by Minister for Commerce and Industry Piyush Goyal and Secretary of State for the Department for Business and Trade of the United Kingdom the Jonathan Reynolds who is in Delhi. India and the United Kingdom have a close partnership, built through collaboration on security and defence, new and emerging technologies, climate, health, education, research and innovation, green finance and people-to-people contacts. "At the centre of this relationship is the collective aspiration to deliver economic growth and sustainable development," the Ministry of Commerce and Industry had said in its statement after the resumption of the trade talks. According to the official data of Commerce and Industry Ministry, from April to September 2024, India's exports to the UK witnessed a robust growth of 12.38 per cent, reaching USD 7.32 billion, compared to USD 6.51 billion during the same period in 2023. India's trade relationship with the United Kingdom continues to grow steadily, showcasing immense potential for deeper collaboration and strategic engagement. Mineral fuels, machinery, and precious stones, pharmaceuticals, apparels, iron and steel and chemicals lead India's export basket to the UK, contributing a 68.72 per cent share of total exports. The Ministry says that the UK is a priority country for the achievement of our ambitious USD 1 trillion export target by Financial Year 2030 (FY30), with exports to the UK expected to reach USD 30 billion by 2029-30. (ANI)
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