Union Minister of Commerce and Industry Piyush Goyal has dismissed concerns over potential economic drawbacks from the India-UK Comprehensive Economic and Trade Agreement (CETA), calling it a carefully crafted framework that will benefit both nations without harming any domestic sectors. Speaking at a business reception in London on Thursday, Goyal emphasized that the agreement is designed to enhance economic growth and job creation in India.
Agreement Designed as Enabler for Both Economies
Goyal stated that the pact will provide enablers that assist both economies in improving their functional capabilities. "What they will be adding to our economy will be enablers, which will actually help us do our job better for life. This agreement cannot hurt any sector in India. And likewise, I suspect this agreement will not hurt any sector in the UK also because it's been carefully crafted," the minister said. He noted that the pact is expected to bolster new employment opportunities and drive business growth in India. "They have a lot to offer us and we have a lot to offer them. What we will be offering them will add to our economy and particularly to jobs, particularly to new employment, to businesses," Goyal added.
Shift from Traditional Trade Negotiations
The commerce minister highlighted that India has changed its traditional approach to international trade negotiations, now aiming for comprehensive partnerships rather than limited, transactional trade concessions. Addressing the Annual UK-India Awards 2026 in London on Thursday, Goyal said, "India today does not wish to negotiate weak agreements, substandard small transactional relationships. In fact, the UK agreement is a very comprehensive template." He emphasized that CETA goes beyond traditional trade negotiations focused solely on tariffs and rules of origin, encompassing a broad range of sectors including technology, education, culture, and the arts. "It's not only about tariffs and rules of origin. It's not only about traded goods and services. It's about collaborations in technology, in education, culture, and the arts," Goyal said.
Rigorous Negotiations Yield Balanced Pact
Negotiators from both countries engaged in rigorous, line-by-line discussions to balance the interests and concerns of both nations. Goyal characterized the final text as "fair, equitable, and very balanced." "It is focused on bringing the best of both countries to each other. It's a fair, equitable, very balanced agreement," the minister said. He added, "We may have fought over every single line, over every single para. But in a spirit of fairness, a spirit of accommodation, very sensitive to each other's interests and concerns." Goyal urged business leaders to leverage the pact to boost investment and innovation across sectors, noting that the agreement is intended to unlock immense opportunities for growth and prosperity on both sides. On social media platform X, Goyal posted: "Delighted to address a Business Reception with wide participation from business leaders & investors from both India & the UK. Spoke about how the India-UK Comprehensive Economic and Trade Agreement (CETA) will unlock immense opportunities for growth & prosperity on both sides. Urged them to leverage the full potential of this landmark agreement to deepen collaboration, boost trade & investment flows, and drive innovation across sectors."
