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This week, Jonathan Reynolds, the Secretary of State for Business and Trade, announced his upcoming visit to India in February to relaunch discussions for a Free Trade Agreement and a Bilateral Investment Treaty with India. This follows a meeting between the Prime Minister and Indian Prime Minister Narendra Modi at the G20 summit in Brazil in November, where it was stated that UK-India trade talks were to be relaunched in early 2025.
A deal with India would enhance the trading relationship between the two countries, which is valued at £41 billion for the 12 months up to September 2024, with UK exports to India amounting to £17 billion.
In today’s Growth Speech, the Chancellor expressed that the guiding principle the government will adopt in its trade approach is to act in the national interest of Britain’s economy, its businesses, and its workforce. A trade deal with India, one of the fastest-growing economies in the world and projected to become the fourth-largest global importer by 2035, aligns with this strategy.
Prime Minister, Keir Starmer said:
“Boosting economic growth is key to improving living standards for working people.
A new trade deal with India will support jobs and prosperity in the UK – and represent a step forward in our mission to deliver growth and opportunity across our country.”
Business and Trade Secretary Jonathan Reynolds said:
“India is the fifth largest economy in the world and a vital trading partner for the UK. We believe there is a good deal to be done here that works for both nations.
Whether it’s lowering Indian tariffs to help British firms export to this dynamic market or boosting investment which already supports over 600,000 jobs across both countries, striking a deal is important to deliver this Government’s core mission of driving economic growth.”
Chancellor vows to go further and faster to kickstart economic growth
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