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Keir Starmer, the UK Prime Minister has confirmed that UK-India trade negotiations will relaunch in early 2025, following a high-level bilateral meeting with Prime Minister Narendra Modi at the G20 summit.
According to the UK government's official website, gov.uk, highlighting the importance of international trade, the UK Prime Minister emphasised that boosting trade abroad is crucial for strengthening the domestic economy. PM Starmer 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." A renewed focus on a strategic partnership with India includes not only a potential trade agreement but also enhanced collaboration in critical areas such as security, education, technology, and climate change. The Business and Trade Secretary, Jonathan Reynolds, reinforced the government's dedication to advancing trade talks with key global partners. He 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," he added. The relaunch of UK-India trade talks comes as part of a broader strategy to enhance the UK's trade relationships. Recent months have seen negotiations initiated with the Gulf Cooperation Council, Switzerland, and South Korea. Additionally, the UK is set to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) on December 15. Trade between the UK and India is already substantial, valued at British pound 42 billion in the 12 months leading to June 2024. UK exports to India contributed British pound 16.6 billion to this total. A new trade agreement is expected to further strengthen this relationship, supporting jobs and prosperity in both nations. The UK Department for Business and Trade is set to unveil a new trade strategy that aligns with the government's industrial strategy. (ANI)
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