Piyush Goyal wraps up London visit with hope for 'tangible outcomes'

INDIAN commerce and industry minister Piyush Goyal has finished a two-day visit to the UK, ending with a joint business reception at Lancaster House in London. After the event, he said he was looking forward to "tangible outcomes" for the partnership between the two countries.

UK foreign secretary David Lammy and business and trade secretary Jonathan Reynolds joined Goyal at the event, along with senior business leaders from both nations.

Before the reception, Goyal held private meetings with Reynolds and chancellor Rachel Reeves at Downing Street, where they discussed the ongoing Free Trade Agreement (FTA) negotiations.

"I addressed the gathering along with UK Secretary of State for Business and Trade Jonathan Reynolds and spoke about the bright future ahead for the India-UK partnership," Goyal said after Tuesday's (29) joint business reception.

"I am immensely grateful for the warm and gracious hospitality extended by our UK partners. Looking forward to tangible outcomes of our shared vision."

The minister noticeably avoided mentioning the FTA directly, even as UK media reported that a deal was close, with most remaining issues resolved between both sides.

"Had a fruitful exchange on advancing India-UK economic ties and further building on our strong partnership," Goyal said following his earlier meeting with Reynolds and Reeves at 10 Downing Street.

During his visit, the minister also addressed an India-UK Business Roundtable that brought together prominent business leaders and CEOs from both countries. At the roundtable, he spoke about the wide range of investment opportunities across sectors in India and the potential for growth driven by innovation through stronger two-way partnerships.

"Highlighted opportunities to strengthen economic ties, drive innovation-led growth, and expand investment avenues between India and the UK," Goyal said after the roundtable.

The UK-India Business Council (UKIBC), whose CEO Richard Heald led the discussions, posted on X that the minister's message was clear: "India is open for business. Let's co-create the next chapter in India-UK economic relations."

On Monday (28), Goyal met various senior business leaders to explore the potential for greater collaboration with the UK. After a "productive meeting" with Reynolds to "advance the Free Trade Agreement negotiations", he held talks with Revolut chair Martin Gilbert focusing on fintech, and with De Beers Group CEO Al Cook discussing "global trends in the gems and jewellery sector".

"Exchanged views on the immense opportunities in India's fintech ecosystem and the importance of partnerships with global players to drive innovation and growth," Goyal shared on social media after meeting Gilbert.

Regarding his meeting with Cook, the minister said: "We discussed India's opportunities, sustainable practices, and growth prospects for the diamond industry."

These one-on-one discussions were followed by an interaction with a delegation of CEOs from India, including Federation of Indian Chambers of Commerce and Industry (FICCI) senior vice-chairman Anant Goenka and past presidents Harsh Pati Singhania and Rajan Bharti Mittal.

"Interacted with members of the Indian business delegation over dinner. Discussed the robust growth of our industry and avenues for greater collaboration with the UK for mutual prosperity," said Goyal.

The FTA negotiations restarted in February following a pause during last year's general elections. The talks aim to secure a deal expected to significantly enhance the estimated £41 billion annual India-UK trade partnership.

"The government is committed to doing the right deal with India, which will improve access for UK businesses, cut tariffs and make trade cheaper and easier," prime minister Keir Starmer's spokesperson said when asked about the timeline for signing the FTA.

Goyal is scheduled to hold trade and investment discussions in Norway and then Brussels this week.

(PTI)