|
India and the United Kingdom are aiming to double bilateral trade by 2030, with effective implementation of the Comprehensive Economic and Trade Agreement (CETA) and greater participation from Indian states and UK regions expected to play a pivotal role in advancing bilateral economic ties, UK India Business Council (UKIBC) Group CEO Kishore Jayaraman said on Monday.
Jayaraman said the agreement, signed in April 2025 and brought into force on July 15, 2026, had progressed rapidly through negotiations, and the same pace needed to be maintained during implementation. The same speed and energy has to be shown in the implementation phase of this agreement, he said, adding that UKIBC was playing an integral role in supporting its implementation. Speaking about a visit by mayors from northern England to India, Jayaraman said the delegation was exploring opportunities to expand trade, investment and talent flows between India and their regions. He highlighted the complementary strengths of the two countries and said closer cooperation could help businesses expand and grow. The two countries have significant opportunities for collaboration across sectors, including aerospace and defence, technology and digital services, healthcare and life sciences, education, university partnerships, mobility, energy, infrastructure, hydrogen, and food and beverages, he said. Jayaraman said bilateral trade currently stood at around USD 42 billion and was growing at approximately 8 per cent annually. However, sustaining and accelerating this growth would require greater focus on specialised areas such as creative services, technology and digital, advanced manufacturing and engineering. He said businesses and stakeholders would need to quickly identify what should be adopted and adapted to facilitate faster implementation of the trade agreement. The goal is to double the trade between the UK and India over the next, I say right now, four years by 2030, Jayaraman said. He emphasised that achieving the target would require stronger participation from both Indian states and UK regions, alongside increased exchanges between their governments and business communities. The great North mayors being here is a testament that the UK is equally interested in participating, he said, pointing to the potential for regional partnerships to generate additional trade and investment opportunities. Jayaraman also stressed the importance of clear communication and a shared vision to accelerate bilateral economic engagement over the next two to four years. (ANI)
|
