India discusses boosting trade with UK, local currency trade settlement with Tanzania

New Delhi: India and the UK on Friday discussed ways to increase two-way trade and investments and leverage opportunities under the comprehensive economic and trade agreement signed in July last year. The issue was discussed in a virtual meeting between Trade and Industry Minister Piyush Goyal and UK Secretary of State for Trade and Trade Peter Kyle.

India and the UK signed the Comprehensive Economic and Trade Agreement (CETA) on July 24, 2025, which stipulates that 99 percent of Indian exports will enter the British market at zero duty, while customs duties on British products such as cars and whiskey will be reduced in India.

“We have explored ways to further enhance our trade and investment ties while taking full advantage of the opportunities under the India-UK Comprehensive Economic and Trade Agreement (CETA),” Goyal said in a social media post.

India and the UK signed the Comprehensive Economic and Trade Agreement (CETA) on July 24, 2025, which stipulates that 99% of Indian exports will enter the British market at zero duty, while customs duties on British products such as cars and whiskey will be reduced in India.

Labor-intensive sectors such as textiles, leather, seafood, gems and jewelery and toys, as well as fast-growing sectors such as engineering products, chemicals and auto parts, are also expected to benefit from the agreement.

Tanzania trade

Separately, India and Tanzania discussed settling trade transactions in local currencies to strengthen bilateral economic ties. The India-Tanzania Joint Trade Committee held in Tanzania on April 29-30 also discussed facilitating long-term business visas for Indian businessmen, strengthening regulatory cooperation in the pharmaceutical sector, and capacity building in the fields of health, education and shipbuilding.
“The talks included supporting the trade agreement in local currencies,” the trade and industry ministry said in a statement. he said. Bilateral trade reached $9.02 billion in FY26 from $8.64 billion in FY25.

Cooperation in the mining sector, including geological exploration and mining, value addition in the gemstone sector, regulatory developments regarding gemstone exports, and capacity building and skills development opportunities were also discussed.

He added that collaboration opportunities in real-time payments, Digilocker and digital services are being explored.

India offered its expertise in shipbuilding and highlighted potential partnerships with Tanzanian institutions as well as shipyard development and port infrastructure.

Expanded support in the supply of locomotives and rolling stock, modernization of railway infrastructure and capacity building through specialized institutions.