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

New Delhi: India and the UK Friday discussed ways to boost two-way commerce and investments and leverage opportunities under the comprehensive economic and trade agreement signed in July last year. It was discussed during a virtual meeting between commerce and industry minister Piyush Goyal and UK Secretary of State for Business and Trade Peter Kyle.

India and the UK, on July 24, 2025, signed the Comprehensive Economic and Trade Agreement (CETA), under which 99 per cent of Indian exports will enter the British market at zero duty, while tariffs on British products, such as cars and whisky, will be reduced in India.

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


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

Labour-intensive sectors such as textiles, leather, marine products, gems and jewellery, and toys as well as high-growth sectors like engineering goods, chemicals, and auto components are expected to gain from the pact.

Tanzania trade

Separately, India and Tanzania have discussed settling trade transactions in local currencies to boost bilateral economic ties. At the India-Tanzania Joint Trade Committee, held on April 29-30 in Tanzania, they also discussed facilitating long-term business visas for Indian business persons, strengthening regulatory collaboration in pharmaceuticals and capacity building in health, education and shipbuilding.

“The discussions covered the promotion of trade settlement in local currencies," the commerce and industry ministry said in a statement.

Bilateral trade was $9.02 billion in FY26, from $8.64 billion in FY25.

Collaboration in the mining sector, including geological exploration and mining, value addition in the gemstone sector, regulatory developments related to gemstone exports, and opportunities for capacity building and skill development were also discussed.

It added that opportunities for collaboration in real-time payments, Digilocker, and digital services were explored.

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

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