Piyush Goyal shares ‘cute’ Hyde Park anecdote behind landmark India- ...
Recalling what he described as a memorable moment from the India-UK Free Trade Agreement (FTA) negotiations, Commerce and Industry Minister Piyush Goyal said the final breakthrough came during a walk in London’s Hyde Park over an ice cream and a cup of coffee.Speaking at the Financial Express Best Banks Awards 2026 in Mumbai on Sunday with editor Shyamal Majumdar, Goyal shared the anecdote when asked about the most interesting episode from the signing of a trade deal. The India-UK FTA formally concluded in May in 2025 after over three years of negotiations.
A walk that sealed the deal
“Every negotiation stands on its own field. Hyde Park story is interesting, you may find it a little cute,” Goyal said during a conversation at the event.
He said he often spoke about his fondness for walking in Hyde Park whenever he visited London for negotiations. According to Goyal, he had spent two days in intense discussions in London before preparing to travel onward for another round of international engagements.
The minister said the breakthrough began with a message from his British counterpart, UK Parliamentary Secretary to the Treasury of the United Kingdom, Jonathan Reynolds. Reynolds had earlier informed him that he would spend Friday in his constituency. However, while Goyal was travelling back to London to catch an Air India flight to India the following morning, he received a text message from Reynolds.
“He sent me a message that he knew I loved taking walks in Hyde Park and asked if he could tempt me with a walk there because it was a bright sunny day,” Goyal said.
At first, Reynolds suggested meeting at 6 pm. Later, he proposed a meeting at 3 pm instead. The change caught Goyal’s attention.
“Now that got my mind thinking. On a Friday he didn’t go to his constituency. He suggested a 3 o’clock appointment instead of 6 in the evening,” Goyal said.
The two ministers met at Hyde Park and began walking while discussing the remaining issues that had held up the trade agreement. “We went to Hyde Park. He bought me an ice cream at Lido and we ended at the Serpentine where I bought him a coffee. We shook hands at the Serpentine,” Goyal said.
The India-UK FTA negotiations began in January 2022 and concluded in May 2025. On May 6, both governments confirmed that negotiations had been successfully completed.
The agreement is expected to significantly boost bilateral trade and deepen economic ties between the two countries. Both sides have projected that annual trade could double to about USD 120 billion by 2030.
FE Best Banks Awards 2026
The remarks came during the Financial Express Best Banks Awards 2026, one of the country’s leading recognitions for excellence in the financial sector. Held in Mumbai on June 7, the event brought together senior bankers, financial sector executives, fintech leaders and policymakers.
The awards recognise outstanding performance by banks, non-banking financial companies, small finance banks and fintech firms. Winners are selected by an independent jury with support from EY India through an assessment of financial and operational performance based on Reserve Bank of India data spanning three years.
Apart from honouring institutions across public sector, private sector and foreign banking categories, the awards also recognise digital lenders, innovative banking products and industry leaders who have built enduring financial institutions.
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