Piyush Goyal Spotlights India–UK FTA at IGF 2025, Pushing Strategic Action Plan

At the India Global Forum (IGF) 2025 in London, Union Minister of Commerce & Industry, Shri Piyush Goyal, delivered a compelling vision of India’s evolving global economic role and robust bilateral relations with the United Kingdom. The event marked a pivotal moment, as it was the Minister’s first international engagement following the landmark signing of the India–UK Free Trade Agreement (FTA) in May 2025.

His keynote address during the Mainstage Plenary Session, aptly titled “From Agreement to Action: The UK–India FTA”, emphasized the transformative potential of the FTA to usher in a new era of mutual growth, innovation, and strategic alignment between the two democracies. He was joined in a thought-provoking conversation by UK Secretary of State for Business and Trade, Mr. Jonathan Reynolds, with noted journalist Mark Barton moderating the session.

FTA as a Blueprint for 21st Century Trade Partnerships

Describing the India–UK FTA as more than a trade pact, Shri Goyal called it a reflection of shared ambition, values, and democratic ethos. He underscored that the agreement exemplifies India's capability to negotiate balanced, forward-looking, and nationally aligned trade frameworks.

The Minister emphasized that while the FTA text represents a historic achievement, the true impact lies in its seamless and swift implementation. He detailed the priorities for the next phase, which include:

• Establishing robust joint governance and institutional mechanisms

• Accelerating early benefits for SMEs, startups, and women-led enterprises

• Promoting the mobility of skilled professionals in sectors like IT, health, education, and finance

• Facilitating cross-border investments and building resilient supply chains

• Deepening ties in digital trade, financial services, and sustainable manufacturing

Elevating Strategic Engagement: Science and Tech Cooperation

On June 19th, Shri Goyal also addressed a special session on “UK–India Science, Technology and Innovation Collaboration” at the Science Museum in London, bringing together policymakers, researchers, and industry leaders from both nations. The discussion centered on leveraging the FTA to boost collaborative innovation in high-impact sectors.

Key highlights included:

• Scaling India’s digital public infrastructure (such as UPI and CoWIN) globally with UK collaboration

• Expanding cooperation in green technologies, climate-smart manufacturing, and clean energy transitions

• Supporting India’s Make in India initiative and Production Linked Incentive (PLI) schemes through UK technology and capital

• Unlocking new synergies in fintech, AI, space tech, and creative industries

Shri Goyal reiterated that the FTA will serve as a platform to co-develop critical technologies, foster co-investments in defence production, and drive joint R&D in advanced manufacturing and biotech.

Championing the Interests of New India

Shri Goyal positioned India as a future-ready, trusted global partner, especially in a post-pandemic, tech-driven world. He noted that India's expanding manufacturing base, skilled workforce, and innovation ecosystem offer tremendous opportunities for UK stakeholders looking to enter or expand in South Asia.

He stressed India’s readiness to lead globally on inclusive fintech, citing the international scaling of UPI and the global recognition of platforms like CoWIN as examples of India’s digital innovation for public good. He encouraged UK investors and institutions to partner in these scalable models for deployment in developing and developed nations alike.

A Shared Prosperity Agenda

Both India and the UK have reaffirmed their intent to use the FTA as a cornerstone of their Comprehensive Strategic Partnership, which spans across economy, security, technology, and people-to-people ties. The agreement is expected to:

• Increase bilateral trade significantly beyond the $40 billion mark

• Enhance student mobility and academic partnerships

• Promote cultural and creative collaborations, including through co-productions and digital arts

Shri Goyal concluded by expressing optimism that the FTA will catalyze a new chapter of economic dynamism, turning mutual aspirations into actionable partnerships.

Moving From Policy to Practice

India’s presence at the IGF 2025 reinforces its emergence as a confident economic power shaping global trade norms, not just as a market but as a co-creator of global solutions. By focusing on execution, technology-sharing, and inclusivity, India is setting the tone for how future FTAs can serve not just commercial goals, but also strategic and developmental ones.

As both nations embark on this renewed economic journey, the India–UK FTA stands as a testament to what democracies can achieve together in a complex and rapidly evolving global economy.