New Delhi, Oct 12: India and the United Kingdom are targeting a doubling of bilateral trade by 2030, with Union Commerce and Industry Minister Piyush Goyal on Monday calling for stronger economic cooperation and highlighting “huge” potential for British exports to India across pharmaceuticals, petroleum products, electronics, automobiles and Scotch whisky.

Addressing the India-UK JETCO Business Plenary, Goyal said the two countries must build on their complementary economic strengths to accelerate trade, investment and business opportunities, stressing that the 2030 target was only the beginning of a deeper economic partnership.

“Our shared ambition is to double bilateral trade by 2030. That's barely four and a half years away,” he said, describing the target as a starting point for a more expansive economic partnership.

Highlighting the India-UK Comprehensive Economic and Trade Agreement (CETA), Goyal said the pact offers zero-duty access to the UK market for most Indian exports while opening up substantial opportunities for British businesses in India.

He also pointed to fresh opportunities in services under the trade agreement and the social security double contribution convention, saying both countries could benefit from competitively priced services that improve business efficiency and profitability.

Goyal said India and the UK could build on the broader framework of India-UK Vision 2035 to strengthen economic engagement. While India brings manufacturing scale, digital public infrastructure and a young talent pool, the UK offers strengths in research, design, advanced technologies and financial services.

“India brings scale, a deepening manufacturing base, world-class digital public infrastructure, and the youngest talent pool available anywhere in the world today. UK brings research, design, advanced technologies, and one of the world's greatest financial centers,” he said.

On trade opportunities, Goyal highlighted India's export strengths in smartphones, pharmaceuticals, jewellery, textiles, leather goods, rice and other agricultural products, iron and non-alloy steel, machinery parts and automobile components.

He also identified considerable scope for British exporters to expand their presence in the Indian market, particularly in petroleum-related products, electronics and electrical equipment, pharmaceuticals, automobiles and Scotch whisky.

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“There's huge potential” for British products in India, Goyal said, pointing to the scope for expanding supplies across these sectors. On investment, the minister stressed the need to deepen cooperation in infrastructure and clean energy, including project development, renewable energy, transmission networks and financing for utilities. He said stronger investment frameworks and mutual recognition arrangements could help both countries translate their economic complementarities into sustainable growth.

Goyal said India and the UK had an opportunity to move beyond their existing trade relationship and build a broader partnership spanning goods, services, technology and investment. (With inputs from ANI)