India, UK aim to more than double trade in a decade: Goyal

India and the UK aim to more than double bilateral trade in the next 10 years, commerce minister Piyush Goyal and UK business and trade secretary Jonathan Reynolds said on Monday at a joint press conference in New Delhi.

The development comes after the two countries resumed negotiations on a free trade agreement (FTA) for which Reynolds is on a two-day visit to India.

The proposed FTA will be “pathbreaking” and New Delhi and London will accelerate discussions on a trade deal, which includes a free trade agreement and an investment treaty, Goyal said without giving a time frame.

“One has to crystal gaze may be 20-30-50 years into the future and make a robust agreement which is a win-win situation for both sides and therefore neither should we rush into things, but it’s always to conclude fast. So, we will have speed but not haste,” he said.

Started in January 2022, the talks on the FTA were paused for eight months due to general elections in both countries. Before the negotiators met, Goyal and Reynolds held a three-hour meeting.

“This will be a path-breaking free trade agreement, which will give businesses and people of both countries huge opportunities to grow our current $20-billion bilateral trade in merchandise to probably two- to threefold in the next 10 years,” Goyal said.

In a joint statement, the two countries said the negotiations were resumed “towards a balanced, mutually beneficial and a forward-looking deal that delivers mutual growth and builds on the strengths of the two complementary economies.”

A stronger trade relationship between India and the UK can create new opportunities for businesses and consumers, strengthening their ties, the statement said.

At present, India and the UK have a trade relationship worth £41 billion ($52 billion), according to the UK government. The UK is the sixth biggest investor in India, with India receiving $35.3 billion in foreign investment from April 2000 to September 2024.