India-UK FTA: Focused on doing trade deals to complement, not compete, says Goyal; 'massive investments' in innovation sector over the next decade
Union minister for commerce and industry
on Thursday said that India is in trade dialogues with the countries with whom it does not compete rather can complement with the economies involved.
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Speaking at an India Global Forum session on UK-India collaboration, the minister highlighted the opportunities that trade agreements create, both for the two countries and the global economy.
Speaking at the Queen Elizabeth II Centre, Goyal rejected claims that the insurance concession was one-sided. 'It's unfair to call it a giveaway,' he said. 'The agreement provides stability and predictability to business and benefits workers from both sides.
In fact, similar arrangements exist in many countries, and this is a win-win for mobility and trade.'
He added that it was a matter of fairness: 'They should not be double taxed, as they pay social security costs in the UK and India.'
UK Trade Secretary Jonathan Reynolds echoed Goyal's remarks, affirming that the deal would not disadvantage British workers. 'No British worker is undercut by this UK–India FTA agreement,' Reynolds said.
'Business mobility has improved due to this; in turn, it has improved access to services and procurement.'
The joint appearance signalled a strong political will to deepen bilateral ties. 'There is hardly anything in which India and the UK compete; we complement each other,' Goyal said, adding confidently: 'I believe this partnership is a good marriage. I see bilateral trade doubling in the next five years.'
Reynolds spoke about India's strategic importance: 'India is one of the most exciting countries in the world, and actually one of the most important.
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With the problems we face globally, I can't see any way to fix those without India playing a leading role.'
Manoj Ladwa, Founder and Chairman of the India Global Forum, also emphasised the future-driven focus of the UK–India partnership. 'We at IGF are building partnerships for the future. Powered by three key forces—Technology, Talent and Capital—we are linking Global Britain and Global India in tangible and transformative ways,' he said.
Day one of IGF London 2025 set the tone for a dynamic three, day summit, featuring more than 100 speakers and over 1,000 participants. With sessions across iconic London venues, the forum is tackling bold themes including AI, energy transition, healthtech, geopolitics, and the creative economy, further energising the FTA's momentum.
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