Goyal and Reynolds push back against criticism over insurance exemptions, marking first joint public appearance since FTA finalisation
LONDON, June 19, 2025 /PRNewswire/ -- On the opening day of India Global Forum London, Union Minister of Commerce & Industry Piyush Goyal and UK Secretary of State for Business and Trade Jonathan Reynolds jointly defended the recently finalised India-UK Free Trade Agreement, pushing back against criticism of national insurance exemptions granted to short-term Indian workers.
In a rare joint session at the Queen Elizabeth II Centre, both leaders addressed concerns surrounding the national insurance exemption for short-term Indian workers, a provision included in the deal that has drawn scrutiny from segments of the British media and political circles.
Piyush Goyal dismissed criticism that the insurance waiver was a one-sided concession. "It's unfair to call it a giveaway," he said. "The agreement provides stability and predictability to business, and benefits workers from both sides. In fact, similar arrangements exist in many countries, and this is a win-win for mobility and trade."
Reinforcing the principle of fairness, Goyal added: "They should not be double taxed, as they pay social security costs in the UK and India."
UK Trade Secretary Jonathan Reynolds backed the provision, asserting that British workers would not be negatively impacted. He said: "No British worker is undercut by this UK–India FTA agreement. Business mobility has improved due to this; in turn, it has improved access to services and procurement."
Both leaders stressed on the strategic alignment between the two nations. UK Secretary Jonathan Reynolds reinforced the need for practical cooperation: "We have built a relationship that allows us to deliver an ambitious agreement like this one. India is one of the most exciting countries in the world, and actually one of the most important; with the problems we face globally, I can't see any way to fix those without India playing a leading role."
This was the first public appearance by the two ministers since the FTA's conclusion, and their joint presence on Day 1 of IGF London sent a strong signal of bilateral resolve. Goyal added: "There is hardly anything in which India and the UK compete; we complement each other. I believe this partnership is a good marriage. I see bilateral trade doubling in the next five years."
Reynolds also underscored the strength of the bilateral relationship and optimism about the future: "India and the UK have built a relationship to deliver the FTA. I am genuinely excited by the future opportunities for both countries."
Echoing this vision of outcome-driven collaboration, Manoj Ladwa, Founder and Chairman of India Global Forum, stated: "We at IGF are building partnerships for the future. We are connecting the dots across sectors, across geographic areas, and across generations. Each initiative is outcome-driven, measurable and future-focused. Powered by three key forces—Technology, Talent and Capital—we are linking Global Britain and Global India in tangible and transformative ways."
Day 1 of IGF London 2025 set the stage for a high-powered three-day summit featuring 100+ speakers, 1000+ participants, and sessions across iconic London venues. With bold conversations spanning AI, energy transition, healthtech, geopolitics, and the creative economy, the forum was driving forward the momentum of the UK–India Free Trade Agreement.
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