UK Secretary of State for Business and Trade Jonathan Reynolds, speaking after a two-day meeting with Indian Commerce Minister Piyush Goyal on Free Trade Agreement, hailed the deal as a "genuinely beneficial" opportunity for both nations. The negotiations, resuming after an eight-month pause, aim to catapult bilateral trade, currently at USD 20 billion, to double or even triple over the next decade.

The talks, which kicked off anew following the UK’s Labour Party victory in recent elections, signal a renewed commitment to a pact first launched in January 2022. Reynolds emphasised the complementary nature of the two economies, with the UK eyeing India as a vital market for its goods such as scotch whiskey and electric vehicles, while India seeks to boost its exports and secure greater access for its professionals and students in Britain. "This is about getting it right," Reynolds told reporters, calling the agreement "substantial" and a chance to make a "real difference."

Goyal echoed the optimism, labeling the FTA "pathbreaking" and predicting a massive expansion of trade ties. Alongside the FTA, both nations are hammering out a bilateral investment treaty and a double contribution convention, further deepening their partnership. The stakes are high: bilateral trade edged up to $21.34 billion in 2023-24, and the UK ranks as India’s sixth-largest investor, with $35.3 billion in foreign direct investment since 2000.

As global trade dynamics shift—particularly with U.S. President Donald Trump’s recent tariff threats—the India-UK deal could serve as a strategic buffer. With both sides eager to unlock new opportunities in goods, services, and investments, this agreement might just redefine their economic futures. (With inputs from PTI)