India’s Commerce and Industry Minister Piyush Goyal concluded a high-level two-day visit to the United Kingdom on 29th April 2025, expressing optimism for “tangible outcomes” in the India-UK bilateral relationship. The visit, packed with strategic meetings and industry engagements, culminated in a joint business reception at the prestigious Lancaster House in London.
The minister was joined at the closing reception by UK Foreign Secretary David Lammy and Business and Trade Secretary Jonathan Reynolds, alongside prominent business leaders from both nations. In his remarks, Goyal reiterated India’s commitment to deepening economic ties and fostering innovation-led growth through stronger two-way partnerships. “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, adding he was “immensely grateful” for the warm reception by UK counterparts.
FTA Talks Take Center Stage
While Goyal did not mention the Free Trade Agreement (FTA) in his formal address, it was a central topic during intensive closed-door meetings at 10 Downing Street. The minister met with Reynolds and UK Chancellor Rachel Reeves to advance the FTA, which resumed in February following a pause due to general elections in both countries.
“Had a fruitful exchange on advancing India-UK economic ties and further building on our strong partnership,” Goyal posted following the meeting.
Despite the absence of direct FTA references in official statements, UK media reports suggest that a breakthrough may be imminent, with most of the contentious issues reportedly resolved. A spokesperson for British Prime Minister Keir Starmer stated, “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.”
Engagements with Industry Leaders
Goyal’s visit included a robust schedule of engagements with UK business leaders and Indian corporate delegates. On Monday, he met with Revolut Chair Martin Gilbert to discuss fintech collaboration and with De Beers Group CEO Al Cook to explore 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 said after the Gilbert meeting. Later, he engaged with Indian industry leaders, including FICCI Senior Vice-Chairman Anant Goenka and past presidents Harsh Pati Singhania and Rajan Bharti Mittal, over dinner. “Discussed the robust growth of our industry and avenues for greater collaboration with the UK for mutual prosperity,” he noted.
India-UK Business Roundtable
A significant highlight of the visit was the India-UK Business Roundtable, which brought together CEOs and senior executives from key sectors. Goyal outlined investment opportunities in India and emphasized the importance of innovation and partnership in driving future growth. “Highlighted opportunities to strengthen economic ties, drive innovation-led growth, and expand investment avenues between India and the UK,” Goyal stated. The UK-India Business Council (UKIBC), which hosted the roundtable, amplified the message on social media: “India is open for business. Let’s co-create the next chapter in India-UK economic relations.”
Goyal’s UK trip follows Finance Minister Nirmala Sitharaman’s London visit earlier this month, during which she also pushed for a timely FTA conclusion. With negotiations reportedly at an advanced stage, the focus now shifts to finalizing the deal that could significantly enhance the £41 billion annual India-UK trade relationship.
From London, Minister Goyal is set to travel to Oslo for discussions related to the Trade and Economic Partnership Agreement (TEPA) with EFTA countries. His Europe tour will conclude in Brussels, where talks with EU leaders will center on the India-EU Free Trade Agreement, slated for completion later this year. As India and the UK edge closer to a historic trade pact, Goyal’s visit is being seen as a critical step in shaping a new chapter in bilateral economic cooperation.
