Union Minister of Commerce and Industry, Mr. Piyush Goyal, took centre stage at the India Global Forum (IGF) 2025 in London on June 20, 2025, to present India’s strategic economic outlook and its transformative vision following the India–UK Free Trade Agreement (FTA). The Minister delivered the keynote address during the IGF Mainstage Plenary Session, titled "From Agreement to Action: The UK–India FTA", reinforcing India’s intent to not only uphold the spirit of the agreement but also bring actionable outcomes across multiple sectors.

This forum marks an important milestone in India’s foreign economic engagement, especially following the historic India–UK FTA signed in May 2025, which is regarded as a turning point in bilateral relations between the two democracies. Mr. Goyal shared the stage with the United Kingdom’s Secretary of State for Business and Trade, Mr. Jonathan Reynolds, while the session was moderated by the prominent international journalist, Mr. Mark Barton.

India–UK FTA: A Symbol of Shared Economic Ambition

During his address, Mr. Goyal called the India–UK Free Trade Agreement a “symbol of shared ambition between two democracies”, underscoring its role in laying the foundation for a balanced, forward-looking, and mutually beneficial economic partnership. The Minister noted that the agreement embodies India’s evolving trade diplomacy, characterized by resilience, inclusivity, and strategic foresight.

He stressed that this trade agreement is not just a ceremonial pact but a transformational framework to elevate India–UK economic relations to new heights. The FTA covers critical sectors such as goods, services, investments, intellectual property, and sustainable development, offering substantial opportunities for businesses on both sides.

Focus on MSMEs, Skilled Mobility, and Startup Ecosystems

One of the key themes of Mr. Goyal’s address was the empowerment of Micro, Small, and Medium Enterprises (MSMEs), which form the backbone of the Indian economy. He detailed the mechanisms being developed under the FTA to enable early and real-time benefits for MSMEs and startups, including:

• Simplified customs procedures

• Favorable market access provisions

• Streamlined digital trade processes

• Dedicated FTA helpdesks and trade facilitation centres

Mr. Goyal also highlighted enhanced mobility for skilled professionals, stating that the FTA will promote smoother cross-border movement of talent, particularly in areas such as information technology, finance, law, and healthcare. This will not only benefit Indian professionals but also help address the UK's talent gaps in high-demand sectors.

India’s Global Innovation Leadership: UPI, CoWIN, AI & Green Tech

Apart from trade, the Union Minister’s participation at the UK–India Science and Technology Collaboration Session held on June 19, 2025, at London’s Science Museum, was a major highlight. This event focused on emerging technologies, sustainability, and fintech innovation.

Mr. Goyal emphasized India’s global leadership in digital public infrastructure, particularly UPI (Unified Payments Interface) and CoWIN (COVID Vaccine Intelligence Network), both of which have garnered international acclaim for their scalability, robustness, and inclusivity.

These platforms, he said, have proven India’s capability to build and export digital public goods to the world, and under the FTA, UK–India collaborations will help develop joint digital ecosystems, promoting interoperability and financial inclusion on a global scale.

The session also explored cooperation in green manufacturing, advanced defence technologies, AI applications, and creative industries, areas where both nations see strong mutual benefits.

A Vision for a Strategic Economic Future

Mr. Goyal’s engagement at IGF 2025 presented a broader vision of India as a strategic global economic leader, moving beyond transactional trade to a transformative partnership model. He spoke of the importance of institutional mechanisms, such as:

• FTA implementation councils

• Bilateral technology transfer initiatives

• Cross-border innovation incubators

• Public–private sector collaboration frameworks

This multi-pronged approach aims to institutionalize long-term cooperation and de-risk the future of international trade. Mr. Goyal reiterated that India is not only prepared but committed to lead in building equitable, transparent, and sustainable global economic systems.

Significance of the India–UK FTA

The India–UK FTA signed in May 2025 is one of the most comprehensive bilateral trade pacts signed by India in recent times. Covering more than 90% of tariff lines, the agreement provides preferential access to key sectors such as textiles, leather, pharmaceuticals, financial services, and education.

On the UK’s side, the agreement paves the way for investment inflows into renewable energy, EVs, defence technology, and green manufacturing, while also opening avenues for collaborative research and development.

This agreement is expected to add $20 billion annually in bilateral trade and create over one million new jobs cumulatively over the next five years.

Conclusion

The India Global Forum 2025 served as a powerful platform for Mr. Piyush Goyal to articulate India’s economic narrative on a global stage. His keynote address and engagements in London highlighted how India is transitioning from being a trade partner to becoming a trade leader, driven by technology, inclusivity, and strategic alignment.

The India–UK Free Trade Agreement stands as a landmark development in India’s economic diplomacy, with the potential to reshape the global trade architecture. Through initiatives benefiting MSMEs, startups, skilled professionals, and technology collaborations, this agreement reflects a forward-thinking model of cooperation fit for a post-pandemic global economy.

With India’s innovation exports such as UPI and CoWIN, and a robust commitment to green and digital growth, the nation continues to reinforce its position as a strategic ally in the global economic ecosystem. As Mr. Goyal aptly put it, the time has come not just to sign agreements but to act upon them decisively — and India is already leading the way.

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