Trade Secretary arrives in New Delhi today
[Mon 12 Dec] for the sixth round of Free Trade Agreement (FTA)
negotiations between the UK and India.
Badenoch will meet her counterpart, Indian Minister of Commerce
and Industry Piyush Goyal, in person for the first time, aiming
to strengthen ties between the two countries and reinvigorate
talks on an ambitious bilateral trade deal.
She will address both teams of senior negotiators ahead of the
sixth round of formal negotiations taking place throughout the
week.
The talks – the first formal round since July – will target a
deal to cut tariffs and open opportunities for UK services such
as financial and legal, making it easier for British businesses
to sell to an economy set to be the world’s third largest - with
a middle class of 250 million people - by 2050.
During her visit, the Trade Secretary will also meet with
business leaders to better understand their needs for a modern UK
- India trade relationship. This will include a meeting with
envoPAP, a UK company investing over £10 million in India to
construct a plant producing Fairtrade paper and packaging
products.
Secretary of State for International Trade said:
“I’m here in New Delhi to kickstart round six of UK-India trade
negotiations and meet my counterpart Minister Goyal in person to
drive progress on this agreement.
“Both nations have come to the table with the very highest of
ambitions and a willingness to work together towards a mutually
beneficial deal. I’m excited about the opportunities we can
create for British business.
“India and the UK are the 5th and 6th biggest economies in the
world. We have a long shared history, and are in pole position to
do a deal that will create jobs, encourage growth and boost our
£29 billion trading relationship.”
Strong growth in the Indian economy is expected to boost UK
exports to India by over £9 billion by the middle of the next
decade, and UK businesses are already taking advantage of the
flourishing trading relationship.
UK household name Pret A Manger and fintech pioneers Tide and
Revolut are among those expanding in India.
British coffee and sandwich retailer Pret will open its first
branch in India early in 2023 following a franchise partnership
with Reliance Brands. Mumbai will be the chain’s first branch, as
part of a plan to open 100 in total across the country.
Pano Christou, CEO, Pret A Manger, said:
“Bringing Pret’s freshly made food and organic coffee to more
people around the world is a key part of our transformation
strategy, and I’m delighted to be launching Pret in India.
“With strong demand for fresh food and new dining experiences, we
see an exciting opportunity to grow the Pret brand across India
while also adding something truly unique to its food-to-go
market.
Andy Burwell, International Director at the Confederation
of British Industry, said:
“The UK-India FTA remains a top priority for industry. We applaud
the Secretary of State and Prime Minister for listening and
prioritising substance over pace. Trade is a fundamental
driver of growth and India will be an important partner and
market as the UK looks to escape stagflation, attract skilled
labour and deliver on the green transition”
Businesses like these could benefit from a reduction in red tape,
more affordable cross-border trade, and increased opportunities
to work with Indian companies and suppliers thanks to the Free
Trade Agreement.
ENDS
Notes to editors
- Tide, the UK’s leading SME-focused business financial
platform, announced the launch of the Tide app, its market entry
product, in India last week. The launch is part of Tide’s
expansion strategy, and India represents the company’s first
international market.
- British banking services app Revolut has created more than
300 Indian jobs and plan to create hundreds more in the coming
years. After investing $46 million in India, it recently opened
its Indian head office in Bengaluru and aims to launch bespoke
financial products, many of which would be new to the country.
