India, UK set roadmap to operationalize trade pact, top panel gets a new mandate

New Delhi: India and the UK on Wednesday set the stage for a new phase in their trade partnership, by turning the Joint Economic and Trade Committee (JETCO) into the body that will oversee and implement their recently-signed free trade agreement (FTA). Meeting in Mumbai, commerce minister Piyush Goyal and UK trade secretary Peter Kyle said the committee will be tasked with faster resolution of various trade hurdles.

According to a commerce ministry statement, the two sides reaffirmed their joint ambition to increase bilateral trade to $120 billion by 2030 from $23.1 billion in fiscal year 2925 (FY25), focusing on sectors such as advanced manufacturing, digital trade, clean energy, and services.

India and the UK signed the landmark free trade agreement on 24 July, ending years of protracted negotiations. The two sides had concluded negotiations for the agreement on 6 May after more than two years of talks.

The trade pact, earlier known as the Comprehensive Economic and Trade Agreement (CETA), aims to increase bilateral trade to $120 billion by 2030 by eliminating or significantly reducing customs duties on a wide range of products.

The development comes as trade between the two countries continues to grow steadily. India’s merchandise exports to the UK rose 11.7% to $14.5 billion in FY25, while imports grew 2.3% to $8.6 billion, taking the total trade to $23.1 billion, up 8% from $21.39 billion in FY24, when exports were at $12.98 billion and imports at $8.4 billion.

The two sides agreed that JETCO will play a central role in translating the provisions of CETA into tangible benefits for businesses and consumers by ensuring regulatory cooperation, addressing non-tariff barriers and promoting supply chain integration. The new JETCO will also serve as a forum to monitor progress and facilitate faster resolution of issues affecting trade and investment, the ministry said.

Commerce secretary-level and director general-level discussions were held to do the groundwork ahead of the ministerial talks. A series of sectoral roundtables brought together stakeholders from key industries, including advanced manufacturing, consumer goods, food and drink, science and innovation, infrastructure and clean energy, and financial and professional services such as IT, education and engineering. These dialogues provided industry inputs to guide the implementation of the trade agreement, the ministry said.

At the meeting, Goyal described India as a key growth engine of the global economy and stressed the need for resilient and diversified supply chains amid global uncertainties. Kyle said CETA was the best deal the UK has ever secured with India, saying it would help his country's businesses access India’s vast market and help drive growth, jobs, and prosperity in both the countries.

Both ministers reaffirmed their governments’ determination to advance a modern, inclusive and mutually beneficial trade relationship, unlocking new opportunities for growth, investment and innovation on both sides.