India and the United Kingdom are strengthening the push for trade agreement amid US tariff threats; Goyal in the UK to resolve posters | Mint

New Delhi: Piyush Goyal, Minister of Trade and Industry in the Union, arrived in London on Monday for two days of high-level talks aimed at accelerating the progress of the India-UK Free Trade Agreement (FTA). The discussions emphasize both countries’ determination to strengthen their economic relationship, especially amid the challenges of the current global trading environment, announced under tariff increases announced by US President Donald Trump. In his first engagement, Goyal met with British Minister of Business and Trade Jonathan Reynolds to promote the negotiations forward and confirm the shared commitment to improve bilateral economic ties. “The ongoing discussions are a step to ensure that both India and the UK can navigate the challenges posed by the current global trading climate. The talks on free trade agreements are essential to expand our trade relations and create new opportunities for businesses in both countries,” Goyal said after the meeting in a social media, Minister of India, the Minister of Finance, who has the Minister of Finance of the Minister of the Finance, where she emphasized the Minister of Finance of the Minister of the Minister of the Minister of Noithara, who emphasized the Minister of Finance of the Minister of the Minister. Economic influence and the need for closer trade relations. The visit of Sitharaman laid the foundation for further involvement, and Goyal’s discussions are seen as a continuation of the efforts to strengthen ties, especially in the aftermath of the US rates affecting both India and the United Kingdom. The proposed FTA between India and the United Kingdom aims to reduce trade barriers, facilitate smoother flow of goods and services and create a more robust trading relationship between the two countries. Both sides are optimistic that the agreement will be mutually beneficial, providing long -term economic stability and growth. India’s trade balance with the UK remains in surplus, exporting $ 12.98 billion in FY24 to $ 13.17 billion in FY25 (April-FEB). Meanwhile, UK imports have decreased from $ 8.41 billion in FY24 to $ 7.89 billion during the same period in FY25, according to the data from the Ministry of Trade. Key items exported to the UK include machinery, chemicals, textiles, gemstones and jewelry and organic chemicals. This growth reflects the strengthening of economic ties between the two countries and is expected to benefit further from continued trading negotiations. The launch of the FTA discussions was announced in March during the visit of Reynolds. However, since then, there has been no official announcement about the beginning of the formal discussions or the specific round in which discussions will resume. The 14th and final round of talks began in January 2024, but was put at stake in May after the British election was announced. Important posters in the ongoing India-UK Free Trade Agreement (FTA) talks include India’s demand for greater visa access and mobility for its competent professionals, along with tax-free access for certain Indian goods. In return, the UK seeks market access for its dairy products and significant tariff reductions on products such as Scotch Whiskey, which currently has a high 150% service in India. The UK also penetrates lower rates on electric vehicles and chocolates. First published: 28 Apr 2025, 23:20 IST