The UK’s International Trade Secretary and India’s
Minister of Railways and Commerce & Industry Piyush Goyal
agreed to explore opportunities for expanding and deepening our
trade relationship. This will include an Enhanced Trade
Partnership as the first step on a wider roadmap for a deeper
trade partnership, and subject to progress could lead to a future
Free Trade Agreement.
The UK’s International Trade Minister also raised the ambition to remove barriers for
businesses across a range of sectors including food and drink,
healthcare and life sciences, IT and data, chemicals and
services.
Work has been underway to reduce barriers to trade since both
countries completed a Joint Trade Review in 2018, and according
to industry estimates, progress to date could deliver up to a
£250 million annual boost for British businesses. This includes
recognition and registration of polyhalite, a multi-nutrient
fertiliser mined in the UK, which will enable UK exports and help
Indian farmers to increase crop yields while supporting a
cleaner, greener and sustainable environment.
At today’s meeting, the UK and India agreed to work towards
removing additional barriers, including the existing barrier on
British exports of apples and pears to India and supporting
Indian and British legal professionals looking to work in each
other’s countries.
Trade between the UK and India was worth £24 billion last year
alone, and India is now the second largest investor in the UK
economy.
International Trade Secretary
said:
“My first JETCO with India has been an opportunity to take stock
of progress made so far between our countries and look at
barriers preventing our trading relationship from reaching its
full potential.
“India is an incredibly important partner for the UK. As one of
the world’s largest economies and democracies, it is a powerhouse
that will play a major role in shaping the 21st
Century.
“Today we agreed to look in detail at a deeper relationship,
including resolving market access barriers into each other’s
economies. At this stage we want to keep all options on the
table, including the possibility of a free trade agreement at
some point in the future.”
International Trade Minister also led a business plenary during the JETCO,
organised by the UK India Business Council (UKIBC). Ministers
spoke with UK and Indian businesses about our shared ambition to
deepen our economic and commercial partnership with India.
International Trade Minister said:
“The United Kingdom and India share a strong and enduring bond,
strengthened by a modern trading relationship.
“It’s clear from today that there are huge opportunities to
deepen our relationship with India. We want to knock down
existing trade barriers, create more good jobs and encourage
innovation between two of the greatest democracies in the world.
I’m pleased to see our shared ambition in the spotlight today as
we boost our trading relationship.”
Notes to Editors
- The UK-Indian JETCO has been meeting for over 15 years,
making it the UK’s longest standing meeting of its kind.
- British and Indian investments are supporting over half a
million jobs in each other’s economies.
