The Prime Minister has announced that UK-India trade talks will
relaunch in the new year, following a bilateral meeting with
Prime Minister Narendra Modi at the G20 summit.
Boosting trade abroad is essential to delivering a strong economy
at home. The UK is committed to negotiating a trade deal with
India – one of the fastest growing economies in the world.
The UK will seek a new strategic partnership with India,
including a trade agreement, as well as deepening co-operation in
areas like security, education, technology, and climate
change.
The Business and Trade Secretary announced the UK's commitment to
relaunching talks with Free Trade Agreement partners in July.
Since then, negotiations have been kickstarted with the Gulf
Cooperation Council, Switzerland and South Korea. The UK is also
set to join the Comprehensive and Progressive Agreement for
Trans-Pacific Partnership (CPTPP) on 15 December.
The Department for Business and Trade will soon unveil the
government's new Trade Strategy, aligned with the Industrial
Strategy, to help inform future trade talks and achieve long-term
sustainable, inclusive and resilient growth through trade.
The Prime Minister is using his trip to the G20 in Brazil to
strengthen ties with the world's leading economic powers to drive
growth and deliver for the British people at home.
Prime Minister said:
“Boosting economic growth is key to improving living
standards for working people.
“A new trade deal with India will support jobs and prosperity
in the UK – and represent a step forward in our mission to
deliver growth and opportunity across our country.”
Business and Trade Secretary said:
“India is the fifth largest economy in the world and a vital
trading partner for the UK. We believe there is a good deal to be
done here that works for both nations.
"Whether it's lowering Indian tariffs to help British firms
export to this dynamic market or boosting investment which
already supports over 600,000 jobs across both countries,
striking a deal is important to deliver this Government's core
mission of driving economic growth."
A deal with India would boost the UK's trading relationship,
worth £42 billion in the 12 months to June 2024. UK exports to
India are worth £16.6 billion.
Notes to editors:
- In 2023 goods exports were worth
£4.6bn from England, £530m from Scotland, £190m from Wales and
£40m from Northern Ireland.
- The UK India investment
relationship supported over 600,000 jobs across both economies in
2023 (according to Grant Thornton). Indian FDI projects in the UK
created over 7,500 jobs in 2023/24.
- The UK and India are currently the
sixth and fifth largest global economies respectively. By 2028,
India is projected to be the world's third largest
economy.
- India's overall demand for imports
is projected to grow by 144% in real terms between 2021 and 2035,
reaching £1.4 trillion
