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United Kingdom's Business and Trade Secretary Jonathan Reynolds arrived in New Delhi on Monday to relaunch talks on the Free Trade agreement (FTA) between India and the United Kingdom.
Union minister Piyush Goyal posted on X, "Delighted to meet & welcome @JReynoldsMP, UK Secretary of State for Business and Trade, to Incredible India! Looking forward to an action-packed day of discussions." The two-day negotiations aim to advance discussions on a modern economic deal that will strengthen bilateral trade ties and deliver economic growth for both nations as per a statement by the UK government. Reynolds held discussions with Union Commerce and Industry Minister Piyush Goyal, with both sides expressing a strong ambition to elevate the trading relationship. The FTA was launched under UK's Conservative government in January 2022 and was paused when former Prime Minister Rishi Sunak called the general election. "Securing a trade deal with what is soon-to-be the third biggest economy in the world is a no-brainer, and a top priority for me and this Government. That is why I'm flying to New Delhi with our top negotiating team to show our commitment to getting these talks back on track," Reynolds said in a statement released by the British High Commission in India prior to meeting with Piyush Goyal today. The economic potential of enhanced trade between the UK and India is immense, as bilateral trade continues to expand at a significant pace. This visit highlights the strong commitment from both nations to further strengthen their trading ties. Currently, the UK and India rank as the sixth and fifth largest economies globally, with a trade partnership valued at 41 billion, supporting more than 600,000 jobs across both countries. A prospective trade agreement could bolster key industries outlined in the UK government's upcoming Industrial Strategy, including advanced manufacturing, clean energy, financial services, and professional and business services. UK Business and Trade Secretary Reynolds emphasized the government's dedication to fostering economic growth through strategic international partnerships, stating, "We are focused on accelerating economic growth across the UK by working closely with key global partners like India." Simultaneously, UK Investment Minister Poppy Gustafsson will travel to Mumbai and Bengaluru. "The UK offer for Indian investors has never been stronger, she will tell businesses, thanks to the government's drive to restore economic stability and boost investor confidence as part of its Plan for Change," a statement by the UK government said. India has been the second-largest contributor of foreign direct investment (FDI) into the UK for the past five years in terms of projects and employment generation, with the latest data reflecting a 28 per cent annual increase in Indian investment. (ANI)
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