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International Trade Minister visits Kolkata, India,
and Dhaka, Bangladesh, to unveil new initiatives to help UK
business sell to both countries
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He will announce a package of partnerships on electric
mobility and green construction at a joint session with
Government of West Bengal.
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UK trade with both countries climbed last year, up 50% in
current prices with Bangladesh and 45% with India
Minister for International Trade will today [3 July] kick
off a three-day visit to Kolkata in India and Dhaka in Bangladesh
focused on unlocking more opportunities for British companies to
grow trade and win business.
There are huge opportunities for British companies to take
advantage of the growing trade relationships between the UK and
both India and Bangladesh.
Bilateral trade with India has already topped £36 billion,
supporting half a million jobs across both countries. As part of
its ambition to double bilateral trade by 2030, the UK is also
continuing to negotiate a trade deal with India. With Bangladesh,
trade has increased 50% in current prices, reaching nearly £5
billion.
Minister for International Trade said:
The UK has a strong and enduring relationship with India and
Bangladesh. Our trade with both has grown significantly over the
past year, which shows our partnerships are reaching new heights.
I want to use my first official visit here to show the UK’s
eagerness to work with both countries on shared challenges like
climate change, using our collective expertise to deepen our
trading relationship, spark economic growth, and create jobs.
Transport is the third biggest source of emissions in India, with
road transport accounting for 90% of transport emissions. India
has set strong targets to boost electric vehicles (EVs) and the
UK is well-placed to support this ambition by providing knowledge
exchange, access to finance and technology.
The Minister will announce a new project that will see the UK and
Government of West Bengal join forces on a pilot to develop
electric two-wheelers, such as motorcycles or scooters.
Huddleston will also launch a centre to enhance opportunities in
the EV sector by partnering Indian businesses with elite academic
and industrial institutions in the UK.
West Bengal – the sixth largest state by economic value in India,
with a GDP expected to reach £117 million this year - has set a
target of developing 1 million electric vehicles in the next five
years.
Alongside this, he will also facilitate the signing of MoU
between the Royal Institute of Chartered Surveyors (RICS) and
Government of West Bengal on skill development in sustainable and
modern methods of construction. Through these three initiatives,
UK businesses will be well-placed to customise and market EV
technology and sustainable construction for this burgeoning
market in India.
Huddleston will also visit a waste processing company in Kolkata
using cutting-edge green technologies supplied by UK business CDE
Ireland to recycle construction waste into high quality, reusable
sand.
At a business roundtable, the Minister will speak to industry
leaders on the deepening of UK and India’s economic ties -
emphasising the opportunities that have already been unlocked
from the UK-India Enhanced Trade Partnership. The Minister will
also discuss the economic benefits of a UK-India trade deal,
currently being negotiated, that could cut red tape, reduce
tariffs, and help UK and Indian companies do businesses.
In Dhaka, Minister Huddleston will visit Intertek, a UK company
supporting supply chains in Bangladesh by providing bespoke
testing services, for example ensuring manufacturers meet product
safety standards.
This visit comes a month after the UK’s world-leading Developing
Countries Trading Scheme (DCTS) came into force making it easier
for Bangladesh and other developing countries to trade with the
UK.
Bangladeshi exporters now benefit from simpler and more generous
Rules of Origin, which means that they will be able to produce
goods using components from many more countries and still export
these with zero tariffs to the UK.
