British Firms Announce £1 Billion in India-UK JETCO Deals

The 16th meeting of the India-UK Joint Economic and Trade Committee (JETCO) was held in New Delhi on 12 October 2026. Union Minister Piyush Goyal and UK Secretary of State for Business, Innovation, Science and Trade Jonathan Reynolds co-chaired the meeting, where British firms announced more than £1 billion in new commercial deals.

JETCO and bilateral economic dialogue

The Joint Economic and Trade Committee is a bilateral forum for India and the United Kingdom to discuss economic and trade relations. The UK delegation included more than 100 businesses and seven mayors from northern England. Its programme included visits to Delhi and Mumbai to develop partnerships and expand market access.

Commercial deals and sectors

The announced deals cover aviation services, artificial intelligence, healthcare, advanced communications and engineering. Meta for Data Technologies committed £50 million to fund artificial intelligence research in the UK. Menzies Aviation plans to generate more than £600 million in revenue through an expanded presence in India.

The new announcements bring the value of deals announced since the signing of the India-UK Free Trade Agreement in July 2025 to nearly £12 billion. The deals are expected to support thousands of jobs in India and the UK. The delegation also included food and drink businesses, with Scottish firms identifying opportunities in salmon and whisky exports.

India-UK Free Trade Agreement

A free trade agreement is a treaty through which participating countries reduce or remove specified trade barriers. The India-UK agreement entered into force about three months before the JETCO meeting and is projected to raise bilateral trade by £25.5 billion annually by 2040. India’s free trade agreements include quota-based tariff concessions for automobiles.

At the meeting, Goyal said India was positioned to become a global car-manufacturing hub and that European manufacturers could move production to India amid regulatory pressures in Europe.

Important Facts for Exams

• JETCO is the Joint Economic and Trade Committee between India and the United Kingdom.
• The 16th JETCO meeting took place in New Delhi on 12 October 2026.
• The India-UK Free Trade Agreement was signed in July 2025.
• The agreement’s projected annual increase in bilateral trade is £25.5 billion by 2040.

The announced commercial deals span aviation services, artificial intelligence, healthcare, advanced communications and engineering. The India-UK Free Trade Agreement includes quota-based tariff concessions for automobiles.