Commerce and Industry Minister Piyush Goyal has identified five priority sectors for India and the United Kingdom to deepen economic cooperation under their trade agreement, with services, advanced manufacturing, clean energy and financial services emerging as key areas for collaboration.
Speaking at the India-UK Joint Economic and Trade Committee (JETCO) meeting, Goyal said both countries aim to double bilateral trade by 2030. He also highlighted the India-UK Vision 2035 as a broader framework for expanding commercial ties, investment and cooperation across sectors.
Goyal said the services sector would play a significant role in the agreement, while pointing to opportunities for British companies to supply India with medicines, petroleum products, motor cars and Scotch whisky. He also highlighted the scope for Indian and British businesses to invest in each other's markets.
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The five sectors identified for deeper cooperation are:
1. Infrastructure and clean energy: Infrastructure development, power transmission and green energy.
2. Advanced manufacturing: Expanding industrial capabilities and collaboration in high-value manufacturing.
3. Research and innovation: Strengthening research, development and innovation partnerships.
4. Financial services: Improving cooperation between London and Gujarat International Finance Tec-City (GIFT City), particularly in fintech, insurance, cross-border payments and trade finance.
5. Healthcare and consumer sectors: Building opportunities in pharmaceutical products, diagnostics, food processing and consumer goods.
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The focus on these areas comes as both countries seek to translate the trade agreement into stronger commercial links and investment flows.
The India-UK Comprehensive Economic and Trade Agreement (CETA) entered into force on July 15, 2026, creating a framework to expand market access and improve trade opportunities.
The broader India-UK Vision 2035 also aims to deepen cooperation in economic growth, technology, clean energy and research, providing a long-term framework beyond trade in goods alone.
With services expected to be a major component of the partnership, the focus will be on connecting businesses, encouraging cross-border investment and identifying areas where the two economies can complement each other. The shared goal remains to double bilateral trade by 2030.
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