India's EU, UK trade pacts to spur global automakers to set up units: Goyal

Union Commerce and Industry Minister Piyush Goyal declared on Monday that the United Kingdom possesses substantial export potential within India, encompassing industries such as pharmaceuticals, petroleum products, electronics, automobiles, and Scotch whisky. Goyal emphasized the immense scope for bilateral trade expansion and investments in infrastructure, clean energy, and technology during his address at the India-UK JETCO Business Plenary.

Stating that India and the UK share complementary economies, Goyal stressed the necessity of bolstering economic partnerships to unlock fresh growth opportunities. The minister set a goal to double bilateral trade by 2030, noting that this target is only four and a half years away. He further elaborated on the India-UK Comprehensive Economic and Trade Agreement (CETA), which offers duty-free access for most Indian exports to the UK market, thereby generating significant prospects for British exporters.

Goyal also underscored the vast opportunities in the services sector under the CETA, including double social security contributions, and expressed confidence in improving profitability through competitive pricing of services. The minister highlighted India's strengths in areas such as smartphones, pharmaceuticals, jewelry, textiles, agricultural products, steel, and auto components, while noting the UK's expertise in research, design, advanced technologies, and its status as a premier financial hub.

India's robust export portfolio includes smartphones, pharma products, jewelry, textiles, leather goods, rice, agricultural products, iron, non-alloy steel, machinery parts, and auto components, according to Goyal. On the UK's side, he identified significant export potential in areas such as petroleum derivatives, electronics and electrical equipment, and various medicaments, as well as motor cars and Scotch whisky.