Piyush Goyal calls for stronger cooperation between London’s financial hub and Gujarat’s GIFT City, alongside expanded trade in technology, clean energy and healthcare.
Commerce and Industry Minister Piyush Goyal on October 12 called for deeper collaboration between London’s financial services hub and Gujarat’s GIFT City to strengthen economic ties between India and the United Kingdom.
Speaking at the closing ceremony of the India-UK Joint Economic and Trade Committee (JETCO) meeting in New Delhi, Goyal identified fintech, insurance, cross-border payments, transition finance and trade finance as key areas for cooperation. The meeting was co-chaired by Goyal and UK Business and Trade Secretary Jonathan Reynolds.
Goyal also highlighted opportunities for collaboration in infrastructure, clean energy, renewable power, transmission networks and utility financing. He called for closer cooperation in advanced manufacturing and resilient supply chains, particularly in electric vehicles, batteries, electronics, semiconductors, quantum computing, artificial intelligence and precision engineering.
Technology and innovation were other priorities. Goyal proposed stronger links between educational institutions, research organisations, technology companies and start-ups in both countries to support research and development.
He also highlighted opportunities in healthcare, pharmaceuticals, diagnostics, food processing and consumer goods. India’s manufacturing scale, digital infrastructure and affordable pharmaceutical products could complement the UK’s research capabilities, innovative medicines and financial expertise, he said.
The discussions follow the implementation of the India-UK Comprehensive Economic and Trade Agreement (CETA) on July 15. Goyal urged businesses to make greater use of the agreement and explore new opportunities for trade and investment.
Bilateral trade between India and the UK rose 8.62% to $25.12 billion in FY2025-26, compared with $23.13 billion in the previous financial year. India’s exports stood at $13.44 billion, while imports from the UK reached $11.68 billion, giving India a trade surplus of $1.76 billion.
The two countries have set a shared ambition to double bilateral trade by 2030. India’s exports to the UK include pharmaceuticals, smartphones, textiles, jewellery, leather goods, agricultural products, steel and automotive components.
Reynolds said the JETCO meeting would help launch CETA committees and working groups, gather business feedback and address implementation issues. He added that businesses on both sides were beginning to explore opportunities created by the agreement.
