Sealed over a chocolate ice cream! How India-UK trade deal was finalised during a walk in London's Hyde Park, Piyush Goyal reveals

India-UK trade deal: The successful completion of FTA negotiations was confirmed by both nations on May 6. (AI image)
Did you know that the India-UK trade deal was sealed during a walk in the park, and over an ice-cream? The Free Trade Agreement (FTA) negotiations between India and the UK reached their conclusion during an informal meeting in London's Hyde Park, where Commerce and Industry Minister
Piyush Goyal
enjoyed a chocolate ice cream offered by UK counterpart Jonathan Reynolds.
The successful completion of FTA negotiations was confirmed by both nations on May 6, following talks that commenced in January 2022. The agreement is anticipated to increase yearly bilateral trade to $120 billion by 2030.
"I owe him one," Goyal remarked lightheartedly whilst discussing the negotiations during a PTI interview at the India Global Forum (IGF) UK-India Week summit this week.
"When I received Secretary Reynolds' message inviting me to join him for a walk at Hyde Park (on May 2), he knows that I'm very fond of walking there every time I'm in London, I had not imagined that we'll get talking about the few issues that were left for us to be able to conclude the Free Trade Agreement and the Double Contribution Convention (DCC) agreement," Goyal said.
Also Read|
What does the UK-India FTA mean for India? Top benefits - from cheaper cars, whisky to cheer for Indian professionals
"In the course of our walk there, we were able to close the nuances in a very practical manner, which was fair for both countries, which was a balanced agreement, and will lead to shared prosperity for businesses and the people of both countries," he stated.
India-UK Trade Deal
A Free Trade Agreement establishes economic stability between nations and provides assurance to business leaders regarding consistent tariff structures.
It creates certainty about bilateral relations, predictable commercial environments, and promotes mutual investments alongside trade in goods and services," said Goyal.
"Additionally, it fosters partnerships and joint ventures, enabling both parties to target global markets collectively," he said.
At a previous IGF Summit discussion, the minister drew a parallel between the FTA and a lasting union. When asked to explain further, he commented with humour that "every marriage is long-lasting by and large, we believe marriage is very sacred, not to be taken very lightly".
Regarding the FTA implementation schedule, he stated: "I believe that similarly, the UK-India partnership will convert very quickly into an enforceable agreement after the UK Parliament goes through its processes."
Also Read |
India-UK multi-billion-pound Free Trade Agreement explained: All you want to know in top 15 points
India's process moves at a considerably quicker pace, and preparations will be complete once legal verification and document finalisation are accomplished. The partnership's commercial ventures and associated developments will contribute significantly to the alliance, deriving advantages from the crucial elements agreed upon by both nations.
Regarding the DCC agreement, which prevents temporary foreign workers from paying duplicate social security taxes in both jurisdictions, the minister responded to certain UK media outlets that had inaccurately portrayed this arrangement as inequitable.
"I think we should not mix up these temporary workers who come here, or the students who come here to gain from the high-quality education in the UK, with immigration issues," said Goyal.
"This is a temporary location in the UK, which adds a lot of value to the UK economy, supports jobs for the local people. It's a win-win for both countries, and I think there's absolutely no doubt in my mind or the mind of the government of the UK about its usefulness and its benefits," he said.
The senior Cabinet minister's two-day UK visit includes discussions with Reynolds about FTA implementation steps and meetings with Chancellor Rachel Reeves and Culture Secretary Lisa Nandy.
Additionally, he will engage with business leaders, investors, and policy specialists, and is scheduled to participate in the IGF summit's session focusing on India-UK scientific and technological cooperation.
Stay informed with the latest
business
news, updates on
bank holidays
and
public holidays
.
AI Masterclass for Students. Upskill Young Ones Today!– Join Now

Try Our AI Features

Explore what Daily8 AI can do for you:

Learn with AIFact CheckingText to SpeechAI Summary

Related Articles

The Hindu

22 minutes ago

• The Hindu

Lighting the spark in U.K.-India cultural relations

May was a month of magical bonanza for United Kingdom-India relations. The long-anticipated Free Trade Agreement was ratified by both Prime Ministers, and it was another milestone that illuminated a different but equally significant dimension of their partnership: culture. On May 2, U.K. Secretary of State for Culture, Rt Hon Lisa Nandy, and India's Minister for Culture, Gajendra Singh Shekhawat, signed the Programme of Cultural Cooperation (POCC). This landmark agreement promises to light up the cultural corridor between the two nations, reaffirming their shared creative spirit. The POCC outlines five programme areas: digital technologies for culture, exhibitions and collections, performances and events, cultural property, and sustainability. These themes directly support the creative economy, a core sector driving the U.K. government's industrial strategy. This agreement signals a shared commitment to cross-cultural collaboration and economic growth. Before arriving in Delhi to sign the POCC, Ms. Nandy, the first Labour Cabinet Minister of Indian heritage, was the highest-ranking international delegate at the World Audio Visual & Entertainment Summit (WAVES) Summit, held in Mumbai. In her keynote, she powerfully highlighted the collaborative potential of the India-U.K. cultural and creative industries, sustainable by nature and an employment multiplier. The growth of the creative arts sector Globally, the creative arts sector is rapidly growing, projected to reach 10% of global GDP by 2030. At the G-20 New Delhi Leaders' Summit in 2023, global leaders unanimously called for greater investment in the sector. India hosting WAVES for the first time underscored its commitment, resulting in significant business deals and international agreements. The POCC between India and the U.K. builds on this momentum. It brings together the Indian Ministry of Culture, the U.K. government's Department for Digital, Culture, Media & Sport and the British Council in India, alongside major U.K. cultural institutions — including Arts Council England, the British Library, the British Museum, the Natural History Museum, and the Science Museum Group. With over 1,700 accredited museums in the U.K., the scope for partnerships with their Indian counterparts is tremendous, especially around leveraging digital technology for sharing cultural experiences and heritage. At its core, the POCC signals hope: the creative economy can foster a more inclusive future, encompassing tech-driven sectors such as gaming, digital content, film, OTT, television and more — creating opportunities for skilled workers and innovators. That is great news for India. With its deep cultural heritage, cutting-edge technology, skilled artisan base, and the world's largest youth population, India is uniquely positioned to lead. India's creative economy, valued at $35 billion, employs nearly 8% of its workforce, second only to agriculture. According to the Asian Development Bank's report (2022), 'Creative India: Tapping the Full Potential', six of India's top 10 creative hubs — from Badgam in Jammu and Kashmir to Tiruppur in Tamil Nadu — are in non-metro regions. This shows India's diverse cultural heritage. India, with over 300 universities and 3,000 colleges offering courses in design, arts, and architecture, is nurturing a global creative workforce. A role for the U.K. In 2023, during India's G-20 presidency, the U.K. played a pivotal role in supporting the cultural agenda. Artistic partnerships, creative project grants, and year-long cultural exchanges, such as Wales in India, which culminated at the 2024 Hornbill Festival in Nagaland, furthered that agenda bilaterally, redefining India-U.K. cultural ties and building lasting bonds. Why do these global partnerships matter so much? First, the creative economy is evolving rapidly. It faces challenges including skilled labour shortage. To meet this, we need sustained investment in education, vocational training and apprenticeships. International collaborations can help empower creative professionals with global competencies and best practices. Second, emerging technologies such as Artificial Intelligence and augmented reality and virtual reality (AR/VR) are transforming the sector. As the British Council's recent report, Arts and Technologies in India: Reimagining the Future argues, it is time to integrate it into India's creative education framework. Cultural exchange and cross-border partnerships can support professionals in navigating this digital shift. India's creative canvas is expanding, driven by cultural wealth, youth potential, and a bold vision. Prime Minister Narendra Modi envisions India as a global creative hub — and with a three-pronged approach focused on education, skills, and international collaboration, we are well on our way. But it will require sustained cooperation between government, industry and academia to make that vision a reality. Businesses and projects Indian companies, too, are doing their bit. Take Royal Enfield, the iconic U.K.-India motorcycle brand, which is working in the Himalayas through its Social Mission. In partnership with UNESCO, it is helping to safeguard intangible cultural heritage and working with over 580 artisans through its textile conservation project, The Himalayan Knot. This initiative not only preserves sustainable textile traditions but also creates new market linkages for craft communities. Ms. Nandy heard this story first hand at the reception hosted in her honour by British High Commissioner Lindy Cameron and this writer in Delhi, where the Serendipity Arts Festival's Birmingham chapter was also launched — a moving reminder of how businesses can be storytellers too. What truly binds the U.K. and India together are their people and their stories. In a world grappling with conflict and uncertainty, culture and creativity remain among the most time-tested healers of relations between people and nations. And in that, we have every reason to celebrate — and invest in — the creative spark that unites us. Alison Barrett, MBE, is the Country Director India at the British Council

India.com

37 minutes ago

• India.com

After Iran, Israel will attack THIS Muslim nation, says former Israeli minister, country is..., it has already...

(AI image) New Delhi: Former Israeli Deputy Defense Minister Meir Masri has threatened to attack Pakistan to destroy its nuclear programme and weapons. Masri has given this threat on social media, which is being discussed a lot in Pakistan. Masri's threatening post for Pakistan has come at a time when Israel and Iran are fighting a bitter war. Israel started attacks on June 13, saying that it will destroy Iran's nuclear programme. Since then, there has been a conflict between the two countries. Masri has also hinted at attacking Pakistan in a similar way. 'We can reach Pakistan' Meir Masri, a member of the Central Committee of the Labor Party, who has a lot of influence in Israeli politics, wrote on X that after Iran's campaign, we (Israeli Army) can try to destroy Pakistan's nuclear programme. Masri said in his post that we have reached Iran and Pakistan is not far away from Iran. At present, Meir is not holding any post in the Israeli government. Comments on Netanyahu's statement Apart from Meir Masri, an old statement of Israeli PM Benjamin Netanyahu is also being discussed in Pakistan. Although this statement of Netanyahu is old, it has gone viral in recent days. In this interview, Netanyahu is saying that countries like Pakistan and Iran having nuclear bombs is a threat to Israel. We do not want these countries to have nuclear bombs. Pakistan warns Israel It is also being discussed in Pakistan's political circles that Israel can reach their land. Pakistan's Deputy PM and Foreign Minister Ishaq Dar has recently pointed towards this in one of his statements. He has said that our message to Israel is very clear that do not dare to look towards Pakistan. We will give a strong response to any such attempt. 'Israel can attack other countries' Pakistan's Defense Minister Khawaja Asif has said that after Iran, Israel can attack other countries. Asif has said that Israel has already attacked Iran, Yemen and Palestine. If Muslim nations do not unite, many other countries may also have to face Israeli aggression. In such a situation, everyone should come together and stop Israel.

Time of India

an hour ago

• Time of India

Rung traders seek revival of India-China trade at Lipulekh border

Pithoragarh: Traders from the Rung community, who have historically engaged in India-China border trade through Lipulekh Pass, are demanding its resumption and have expressed deep disappointment over its continued suspension this year. Border trade has remained shut since 2019. "Trade between India and Tibet through Lipulekh has been ongoing since ancient times. Though it was halted after the 1962 India-China war, it resumed in 1992," said Daulat Singh Raypa, general secretary of India-China Border Trade Association. The Kailash Mansarovar yatra , which also passes through Lipulekh, began in 1981. Both the pilgrimage and trade continued uninterrupted until 2019, when operations were suspended due to the Covid-19 pandemic. While the yatra has been permitted to resume this year, border trade remains suspended. "We were hopeful trade would also restart once the yatra resumed, especially since Lipulekh is now connected by road," said Raypa. The construction of the Tawaghat–Lipulekh road was completed by the Border Roads Organisation (BRO) in 2022. "We were very enthusiastic because road connectivity reduces both time and costs and makes trade more viable," he added. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Ductless Air Conditioners Are Selling Like Crazy [See Why] Keep Cool Click Here Undo Since the Chinese govt granted permission to Nepali Rung traders to resume border trade in 2024, "the Indian Rung community must also be allowed without delay," said Jeevan Singh, president of the traders' union. "We met central ministers and urged them to restart the border trade," he added. In 2019, 40 traders left unsold goods in godowns and shops, with an estimated Rs 2 crore worth of items stuck in the Chinese mandi at Taklakot, said Singh.