Indian Commerce Minister Piyush Goyal urged businesses to 'seize the moment' as he sees the recently signed India-UK Comprehensive Economic and Trade Agreement (CETA) unlocking 'floodgates' for business, according to a report by Economic Times.
Largest-Ever Business Delegation Accompanies Minister
Goyal is in the UK on a three-day visit to review the preparedness of both countries for implementing the CETA, which was signed last year, the report stated. Speaking on the sidelines of a Business Plenary interaction in London, Goyal said he had come with 'the largest-ever delegation to leave the shores of India'. Nearly 170 businesspersons from across India, covering sectors 'big and small', accompanied him, he added.
'I have come with the largest-ever delegation to leave the shores of India. Nearly 170 businesspersons have accompanied me from across the length and breadth of India, across different sectors - big and small.' – Piyush Goyal, as quoted by Economic Times
CETA: A Partnership Beyond Goods and Services
Goyal described the CETA as 'a partnership that is good for both countries, is full of potential, goes beyond the typical trade in goods and services', after extensive engagements with British businesses and the Indian delegation. He said he felt 'redeemed in some sense that what we have finalised as the India-UK Comprehensive Economic Trade Agreement' was mutually beneficial.
Bilateral Trade Agreement with US: Comparative Advantage Remains Open Issue
On the ongoing Bilateral Trade Agreement (BTA) discussions with the United States, Goyal said there is 'broad agreement on most aspects of a deal'. He reiterated that India awaits reassurances on 'comparative advantage'. The only significant open issue, according to Goyal, is 'how India will be provided with the comparative advantage over the other competing countries in the neighbourhood, ASEAN'. The US team has 'assured to look into and find a solution', he said.
| Agreement | Status | Key Points |
|---|---|---|
| India-UK CETA | Signed last year | Good for both countries, beyond goods and services, full of potential |
| India-US BTA | Under discussion | Broad agreement; open issue on India's comparative advantage over ASEAN |
Goyal also referenced Prime Minister Narendra Modi's message of 'yahi samay hai, sahi samay hai' (This is the time, the right time), saying it strongly applies to the India-UK relationship. The visit underscores the accelerating momentum in bilateral trade ties, with the largest-ever Indian business delegation signalling commitment to deeper economic integration. For importers and exporters, the CETA promises expanded market access and reduced barriers, while the US BTA negotiations remain a critical watchpoint, especially for sectors competing with ASEAN producers.
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