- Business and Trade Secretary will meet India's Commerce
Minister Piyush Goyal in New Delhi to advance trading
relationship already worth £48 billion
- With the blockade of the Strait of Hormuz causing global
economic shocks, the UK-India Free Trade Agreement
(FTA) can unlock a
timely boost for both economies
-
FTA will slash 99% of
UK tariffs and 90% of Indian tariffs, benefiting businesses in
both countries from day one
Businesses and consumers across Britain and India are set to
receive a timely boost in the face of global economic shocks, as
the UK ramps up work this week to bring the UK-India Free Trade
Agreement into force as soon as possible.
Business and Trade Secretary will arrive in New Delhi
tomorrow (2 June) to meet Commerce Minister Piyush Goyal to
discuss bringing the FTAinto force as quickly as
possible, a priority for both governments.
And as global conflicts including the continued blockade of the
Strait of Hormuz are causing economic shocks across the world's
biggest economies, sees advancing the UK's vital
economic partnership with India as a key priority, with
significant mutual benefits.
The Trade Secretary's visit during this time of rapid global
change signals the UK's determination to unlock the next phase of
our modern economic partnership with India, so it can deliver
growth for people in both countries. Bilateral trade is already
worth £48 billion a year and the FTA will liberalise 99% of UK
tariffs and 90% of Indian tariffs, supporting cheaper, quicker,
and easier exports and trade between our markets.
The Trade Secretary will also meet with Indian and British
industry leaders aiming to support businesses to prepare for the
deal coming into force.
The UK-India FTA is the
biggest and most economically significant bilateral trade deal
the UK has agreed since leaving the European Union. It covers 30
chapters – including standalone chapters on gender, innovation,
environment, and labour – making it one of the most comprehensive
trade deals that India has ever signed.
The visit follows the Prime Minister's trade mission to India
late last year, where he and the Trade Secretary were joined in
Mumbai by 125 of the UK's most prominent CEOs, entrepreneurs and
business leaders, unlocking significant opportunities for British
business across numerous industries following the signature of
the FTA.
Business and Trade Secretary said:
From whisky to automotives, this landmark deal will unlock
massive opportunities for businesses and consumers in the UK and
India.
I'm here in New Delhi to progress implementing this win-win
agreement, which is worth billions to our economies.
I look forward to working with Piyush Goyal to make sure
everybody can start to feel the benefits as soon as possible.
The UK Government is committed to delivering the certainty and
stability that businesses need to grow in tough times. The trade
deals we have struck with partners around the world support
businesses to export and grow, boost jobs and increase wages. In
May, the UK became the first G7 country to agree a trade deal
with the Gulf Cooperation Council. This marked the fifth
agreement following major deals with India, the US, the EU and
South Korea.
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