Union Commerce Minister Piyush Goyal on Thursday said free trade agreement between India and the UK will be the most comprehensive trade deal that India has ever signed.
Speaking at the global business leaders at the India Global Forum’s UK-India Week 2026: Capital Frontiers conference in London, Goyal shared important updates on transatlantic trade and added that the proposed India-US trade deal is ‘very close’ to being finalised.
The speech comes at a time when both countries prepare to implement the historic Double Contribution Convention (DCC) and Comprehensive Economic and Trade Agreement (CETA), which are both set to go into effect on July 15, 2026.
Goyal will meet with Peter Kyle, the UK’s Secretary of State for Business and Trade, during his three-day visit to London. They will work toward their common goal of reaching USD 120 billion in bilateral trade by 2030 and will discuss about regulatory roadmaps, and simplify cross-border customs coordination.
However, he clarified that India does not employ a strict, universally applicable checklist for trade discussions. Rather, trade agreements need to be assessed in their own distinct business and strategic settings.
The Minister made a distinction between negotiating with global superpowers and smaller trading nations in order to emphasize this diplomatic strategy, stating that “an agreement with a small economy like New Zealand has its own value."
In the past, he called the trade framework a historic achievement based on mutual trust, pointing out that it enables India to collaborate with developed nations as allies rather than competitors. Goyal added, “This agreement is a result of the trust Prime Minister Narendra Modi has built globally, and it has enabled India to negotiate and finalise trade deals with developed nations, not as competitors but as complementary partners."
The deal’s implementation will create significant opportunities for the home economy, especially for young people, small enterprises, and traditional sectors. India’s farmers, businesspeople, MSMEs, youth and fishers will all benefit greatly from this game-changing free trade agreement.
Furthermore, Goyal talked about more general issues that affect global trade. He cautioned that in order to remain relevant and safeguard emerging markets, international trading platforms must adjust to changing geopolitics.
Goyal stated that during the summit, “I see the world facing even more turbulent conditions or multilateral systems coming under threat unless we restore balance and order."
As a result, it is fitting that the India Global Forum has brought us all together to talk about topics of shared interest. All nations and companies with good intentions will need to deal with this issue.
