- 14-week consultation launched on India trade deal to seek
views from the public and businesses and ensure a deal is
tailored to UK interests.
- Negotiations for a UK-India free trade agreement aiming to
start in autumn.
- A deal will open new opportunities for iconic industries like
whisky and boost trade in science and services, creating jobs
across the country.
Trade Secretary has today
kicked off preparations for a trade deal with India, launching a
14-week consultation to seek the views of the public and
business.
The UK wants a deal that slashes barriers to doing business and
trading with India’s £2 trillion economy and market of 1.4
billion consumers. This includes removing tariffs of up to 150%
on whisky and 125% on British-made cars.
Wide input from consumers and businesses across all sectors will
help the UK craft a deal that includes closer cooperation in
future-focused industries such as science, technology and
services, creating high-value jobs across the country. Formal
negotiations are expected to begin later this year.
The UK also aims to make it easier for services firms to operate
in the Indian market, boosting the UK’s status as an
international services hub. India’s growing middle-income
population and highly connected youth will be the target
consumers for the type of goods and services the UK excels in.
International Trade Secretary
said:
“We’re firing the starting gun on a free trade deal with India –
the world’s largest democracy, fifth biggest economy, a nation of
1.4 billion people and a huge market for British goods like
whisky, cars and services.
“We want an agreement that pushes new frontiers in industries of
the future and helps us build a greener, more innovative and more
services-led economy that will deliver higher-paying jobs across
the country.”
International Trade Minister, said:
“India is one of the world’s fastest-growing economies and we
share much in common, so we’re natural partners.
“A trade deal will break down barriers, making it easier for
British businesses to sell their wares in India – and secure more
investment, better jobs, higher wages, more choice and lower
prices here at home.”
Before negotiations start, the UK and India must complete a
pre-negotiation scoping phase – a period of engagement with
businesses and the public. The public consultation, which runs to
August 31, includes a questionnaire that will gather information
from participants about their experiences and priorities when
doing business with India.
The consultation follows the Enhanced Trade Partnership (ETP)
agreed at the virtual meeting between the Prime Minister and PM
Modi on May 4, where they launched a ‘2030 Roadmap’ which will
provide a framework for UK-India relations.
NOTES TO EDITORS
- Trade between the UK and India was around £23bn in 2019,
which both countries want to double by 2030.
- Nearly half a million jobs are supported across India and the
UK through investments in each other’s economies.
- The Enhanced Trade Partnership creates immediate
opportunities for British businesses in India across industries
such as food and drink and life sciences by improving market
access. Non-tariff barriers on fruit and medical devices will be
reduced, allowing businesses to export more of their products to
India.
- DIT consults widely across a network of businesses,
representative bodies and trade associations, working with
partners as well as members of all the Department's Trade
Advisory Groups, to seek the broadest possible range of views to
inform our negotiating position ahead of launching trade talks.
