New Delhi [India], October 12 (ANI): India and the UK have reaffirmed their commitment to deepening bilateral economic cooperation through sustained engagement, stronger institutional mechanisms and enhanced collaboration to unlock new business opportunities in both countries, said Union Commerce and Industry Minister Piyush Goyal.

Taking to his official X account, the Minister noted, "It is a pleasure to welcome UK Secretary of State for Business, Innovation, Science and Trade, @JReynoldsMP and his delegation to India."

The Commerce Minister co-chaired the 16th India-UK Joint Economic and Trade Committee (JETCO) meeting, which focused on advancing shared trade and economic priorities.

Highlighting the importance of translating the India-UK Comprehensive Economic and Trade Agreement (CETA) into tangible benefits, Goyal stressed the need to address trade barriers and strengthen business-to-business engagement.

"We co-chaired the 16th meeting of the India-UK Joint Economic and Trade Committee (JETCO) to advance our shared trade and economic priorities. Emphasised the importance of effectively using the India-UK Comprehensive Economic and Trade Agreement (CETA), addressing trade barriers, and strengthening business-to-business engagement to translate the agreement's opportunities into tangible outcomes," he said.  

The Minister further added that both the parties reaffirmed their shared commitment to deepening India-UK economic cooperation. 

"Reaffirmed our commitment to deepening India-UK economic cooperation through sustained engagement, stronger institutional mechanisms, and enhanced collaboration, unlocking new opportunities for businesses in both countries," the post read. 

Speaking at the India-UK JETCO Business Plenary on Monday, Goyal highlighted the complementary nature of the two economies and stressed the need to strengthen economic partnerships to unlock new growth opportunities.

'Our shared ambition is to double bilateral trade by 2030. That's barely four and a half years away,' Goyal said. 

As per the data shared by the UK Department for Business, Innovation, Science and Trade, the total bilateral trade in goods and services between India and the UK reached approx. USD 54.09 billion (Pound 48.4) billion in the four quarters ending March 2026, marking a 5.7 per cent increase, compared with the corresponding period a year earlier. (ANI)