New Delhi: Piyush Goyal, the minister of commerce and industry, met with Rachel Reeves, the chancellor of the United Kingdom, and Jonathan Reynolds, the secretary of state for business and trade, in a major move to improve bilateral ties.

The leaders had fruitful talks aimed at enhancing the long-standing alliance between the UK and India and expanding economic cooperation between the two countries.

“It was a pleasure to meet @RachelReevesMP, Chancellor of the Exchequer, along with @JReynoldsMP, Secretary of State for Business and Trade, UK,” Union Minister Piyush Goyal said in a post on the microblogging platform X. We had a productive discussion on strengthening our solid alliance and expanding India-UK commercial ties.

Prime Minister Keir Starmer of the United Kingdom and Prime Minister Narendra Modi met earlier in February in New Delhi, India, at the G-20 Summit to emphasize the need to start trade talks as soon as possible.

Negotiations to establish a trade agreement between India and the UK have restarted.

Piyush Goyal, the Minister of Commerce and Industry, and Jonathan Reynolds, the Secretary of State for the UK’s Department for Business and Trade, who is now in Delhi, made the announcement.

In the areas of security and defense, new and emerging technologies, health, education, research and innovation, green finance, and people-to-people interactions, India and the UK have developed a strong connection.

In a statement after the start of the trade negotiations, the Ministry of Commerce and Industry said, “At the heart of this relationship is the collective aspiration to deliver economic growth and sustainable development.”

India’s exports to the UK increased by a strong 12.38% between April and September 2024, hitting USD 7.32 billion, from USD 6.51 billion in the same period in 2023, according to official statistics from the Commerce and Industry Ministry.

India and the UK’s commercial relationship is still expanding steadily, indicating a great deal of room for further cooperation and strategic interaction.

With 68.72% of total exports, India’s top exports to the UK include mineral fuels, machinery, precious stones, medicines, clothing, iron and steel, and chemicals.

According to the Ministry, exports to the UK are predicted to exceed USD 30 billion by 2029–2030, making the UK a priority country for achieving our ambitious USD 1 trillion export objective by Financial Year 2030 (FY30).