India-UK Trade Pact Most Comprehensive Yet, US Deal "Very Close": Union Minister Piyush Goyal

Union Commerce and Industry Minister Piyush Goyal stated that the India-UK free trade agreement will be the most comprehensive trade pact India has entered into so far.

Addressing global business leaders at the India Global Forum’s UK-India Week 2026: Capital Frontiers conference in London, Goyal also shared key updates regarding trans-Atlantic trade, adding that the proposed India-US trade deal is “very close” to being finalised.

The address comes as both nations gear up to launch the landmark Comprehensive Economic and Trade Agreement (CETA) and the accompanying Double Contribution Convention (DCC), both scheduled to come into force on July 15, 2026. During his three-day visit to London, Goyal will hold a bilateral meeting with the UK's Secretary of State for Business and Trade, Peter Kyle. They will discuss regulatory roadmaps, streamline cross-border customs coordination, and advance toward their shared target of achieving $120 billion in bilateral trade by 2030.

During his address, Goyal explained that India does not use a rigid, one-size-fits-all checklist for trade negotiations. Instead, trade deals must be evaluated within their own unique commercial and strategic contexts.

To highlight this diplomatic approach, he distinguished between negotiating with global superpowers versus smaller trading nations, saying that, “An agreement with a small economy like New Zealand has its own value." 

He previously described the trade framework as a historic milestone built on mutual trust, noting that this foundation allows India to work with advanced economies as complementary partners rather than rivals. "This agreement is a result of the trust Prime Minister Narendra Modi has built globally," Goyal said, adding, "It has enabled India to negotiate and finalise trade deals with developed nations, not as competitors but as complementary partners."

Implementing the deal will open major avenues across the domestic economy, particularly benefiting small businesses, youth, and traditional sectors. "It will be a game-changing FTA that will provide immense opportunities and benefits to India's farmers, businessmen, MSMEs, youngsters, and fishermen," Goyal added. "Out of all FTAs signed so far, the India-UK FTA has been the biggest, most comprehensive, and most important."

Global Systems

Goyal addressed broader challenges facing international commerce. He warned that global trading platforms must adapt to shifting geopolitics to stay relevant and protect developing markets.

“Unless we restore balance and order, I see the world facing even more turbulent conditions or multilateral systems coming under threat,” Goyal noted during the forum. “Therefore, it's appropriate that the India Global Forum has brought all of us together to discuss areas of mutual interest. All well-meaning countries and businesses will have to address this challenge.”

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