The relaunch of talks on a UK-India trade deal will take place
today [Monday 24 February], as UK ministers arrive in India to
negotiate a huge economic prize helping to deliver on the growth
agenda.
India is forecast to have the highest growth rate in the G20 for
the next five years and set to become the world's third biggest
economy by 2028. With an expected 95 million strong middle class
by 2035, there are more and more opportunities every day for UK
businesses to sell to consumers in India ready to buy British.
Securing trade deals with massive global economies like India
demonstrates the UK's commitment to free and fair trade and how
this Government will support jobs, prosperity, and real change
for the British people as part of the Plan for Change.
Business and Trade Secretary said:
“Securing a trade deal with what is soon-to-be the third biggest
economy in the world is a no-brainer, and a top priority for me
and this Government. That is why I'm flying to New Delhi with our
top negotiating team to show our commitment to getting these
talks back on track.
“Only a pragmatic government can deliver the economic growth and
stability that the British public and British businesses deserve,
delivering on the Plan for Change.
“Growth will be the guiding principle in our trade negotiations
with India and I'm excited about the opportunities on offer in
this vibrant market.”
Trade ministers from both countries will kickstart negotiations
on a modern economic deal with two-days of focused discussions –
the first time both negotiating teams have formally got around
the table under this government.
Standard Chartered UK CEO and Head, Client Coverage UK,
Saif Malik said:
“We warmly welcome efforts to strengthen trade ties with one of
the world's most dynamic and fastest growing markets. As a
leading global bank operating in India for over 160 years, the
opportunities for British businesses are significant.
“Whether it's improved access to India's growing consumer market,
opportunities in manufacturing, infrastructure and innovation, or
collaboration in financial and professional services, the
relaunch of trade talks can unlock even greater trade, investment
and prosperity across the UK-India corridor.”
Chair of UK India Business Council Richard Heald
said:
“The UK Government's visit reaffirms its commitment for a new
ambitious and future-focused trade & investment relationship
with India.
“We are delighted to note the progress on the UK-India Free Trade
Agreement negotiations. Success in the FTA will support further
economic growth for the world's 5th and 6th largest economies. It
will catalyse collaboration beyond into other areas too.
Importantly, it will signal the UK and India are strategic
partners. This is truly an exciting chapter of the UK-India
partnership.”
The talks will open against a backdrop of Indian commerce and
artisans on a joint visit to Delhi's National Crafts Museum. The
pair will also spend time visiting BT India's office in Gurugram
– one of the largest UK employers in India – to see first-hand
how UK tech and Indian talent are helping solve global
challenges.
As part of the visit, Investment Minister will address investors in
two of the country's foremost business centres Mumbai and
Bengaluru, to sell the UK as the best and most connected place
for Indian businesses to invest.
India has been the second biggest source of FDI into the UK for
five consecutive years in terms of number of projects. In terms
of value, the most recent stats show a 28% year-on-year increase
in investment stock at the end of 2023.
The UK offer for Indian investors has never been stronger, she
will tell businesses, thanks to the government's drive to restore
economic stability and boost investor confidence as part of the
Plan for Change.
The UK and India are currently the sixth and fifth largest global
economies respectively, with a trade relationship worth £41
billion and investment supporting over 600,000 jobs across both
countries.
A trade deal could unlock new opportunities for businesses and
consumers in all regions and nations of the UK, support jobs,
boost wages, and back the high-growth sectors identified in the
government's upcoming Industrial Strategy, such as advanced
manufacturing, clean energy, financial services, and professional
and business services.
Notes to editors
