Goyal in London to discuss FTA, ways to promote trading, investment | Mint

New Delhi, June 18 (PTI), Minister of Trade and Industry, Piyush Goyal, is in London on a two-day official visit to discuss issues regarding the implementation of the Free Trade Agreement (FTA) and investigate ways to increase the trade and investment between the two countries. During the visit, Goyal holds a bilateral meeting with the British Secretary of State for Business and Trade Jonathan Reynolds. “Both leaders will review the progress made with the ongoing FTA negotiations and set out a clear, time-bound road map for its finalization and implementation,” the Ministry of Trade said. India and the UK announced the closing of the FTA on May 6. The treaty is aimed at eliminating duties on labor -intensive Indian exports such as leather, shoes and clothing, while importing the import of UK products such as whiskey and cars. It is aimed at the double trade between the two economies up to $ 120 billion by 2030. The agreement must still be formally signed and implemented. The Minister will also meet the British Chancellor of Treasury Rachel Reeves to discuss macro economic priorities, financial cooperation and investment facilitation between the two countries. He is also scheduled to meet the Secretary of State for Culture, Media and Sport, Lisa Nandy, to investigate the possibilities of collaboration in creative industries and innovation -driven sectors. “These commitments will gather global business leaders, investors and policy experts to deliberate on the strategic contours of the India-UK economic course and the transformative impact of the proposed FTA,” it says. The minister is expected to deal with leading CEOs and stakeholders in the industry from key sectors, including shipping, fintech, logistics and advanced manufacturing, with a view to deepening commercial links and promoting borderline investments. The bilateral trade between India and the UK increased in 2022-23 in 2022-23 to $ 21.34 billion from $ 20.36 billion.