NEW DELHI – India and the United Kingdom have officially resumed talks on a proposed trade agreement, Indian Trade Minister Piyush Goyal announced on Monday. The discussions are set to focus on expediting negotiations for a bilateral free trade agreement and an investment treaty.
Goyal made the announcement at a joint press conference with UK Business and Trade Secretary Jonathan Reynolds, who is visiting India to restart negotiations that were stalled last year ahead of general elections in both countries. The resumption of talks comes at a crucial time amid global economic uncertainties, including the potential threat of reciprocal import tariffs from U.S. President Donald Trump.
“This is a significant step forward. We are committed to speeding up the negotiations and reaching a mutually beneficial agreement,” Goyal stated. Reynolds echoed this sentiment, calling the trade deal a “top priority” for the UK government.
The discussions mark the first trade negotiations between the two countries since the Labour Party took power in the UK in July last year. In a bid to strengthen economic ties, UK Investment Minister Poppy Gustafsson is also set to meet with investors in Mumbai and Bengaluru, encouraging Indian businesses to invest in the UK.
Bilateral trade in goods and services between India and the UK reached £41 billion ($52 billion) in the 12 months leading up to September 2024, according to UK government estimates. Both nations are eager to build on this momentum and enhance their economic partnership.