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India, UK Move to Implement Trade Pact, Recast JETCO After Mumbai Talks

The July agreement promises sweeping tariff cuts on Indian exports, with ministers now pressing for coordinated delivery.

Overview

  • Commerce Minister Piyush Goyal and UK Trade Secretary Peter Kyle agreed to reposition the Joint Economic and Trade Committee to oversee CETA implementation.
  • The ministers reaffirmed a target to double bilateral trade to about $112 billion by 2030 from an estimated $56 billion today.
  • Talks prioritized regulatory cooperation, tackling non-tariff barriers, and strengthening supply-chain integration to turn the pact’s provisions into on-the-ground gains.
  • The July pact was reported to eliminate tariffs on roughly 95% of Indian exports to the UK, including textiles, leather, and processed foods.
  • UK Prime Minister Keir Starmer urged putting the deal into effect “as soon as humanly possible,” and Peter Kyle called it the UK’s best deal secured with India.