UK-India Free Trade Agreement Talks to Relaunch in New Year
Pic Credit: X post from @narendramodi
UK Prime Minister Keir Starmer announced the relaunch of free trade agreement (FTA) talks with India at the G20 summit in Brazil. The renewed negotiations, set to begin in 2025, aim to strengthen economic ties and drive growth.
This move aims to strengthen ties with the world’s leading economic powers to drive growth and deliver benefits for the people.
Prime Minister Keir Starmer noted, “Boosting economic growth is key to improving living standards. A new trade deal with India will support UK jobs and prosperity.”
The UK seeks a new strategic partnership with India, including a trade agreement, as well as deepening cooperation in areas like security, education, technology, and climate change.
Business and Trade Secretary Jonathan Reynolds emphasized India’s significance as the world’s fifth-largest economy and a vital UK trading partner. “We believe a mutually beneficial deal can be achieved,” he stated.
Reynolds emphasized the significance of India, the world’s fifth-largest economy, as a vital trading partner for the UK. He believes a mutually beneficial deal can be achieved, leveraging India’s dynamic market to boost British exports by lowering tariffs. This would not only enhance trade but also increase investment, currently supporting over 600,000 jobs across both nations.
Reynolds highlighted the importance of striking a deal to drive economic growth, aligning with the government’s core mission. The UK-India Free Trade Agreement negotiations, launched in January 2022, aim to double bilateral trade by 2030.
In July, the Business and Trade Secretary revealed the UK’s plans to revive talks with its Free Trade Agreement (FTA) partners. Since then, negotiations have commenced with the Gulf Cooperation Council, Switzerland, and South Korea, marking significant progress in strengthening trade relationships.
Furthermore, the UK is poised to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) by December 15, a major milestone in expanding its global trade footprint.
The Department for Business and Trade will unveil its new trade strategy, aligned with the UK’s industrial strategy, to guide future trade negotiations and promote sustainable growth.
