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Talks on a UK-India Free Trade Agreement to commence next week

By January 13, 2022No Comments

On Thursday 13 January, the United Kingdom launched negotiation talks with India on an ambitious new Free Trade Agreement (FTA). An event was held in New Delhi to announce the opening of the talks process, attended by the UK’s International Trade Secretary Anne-Marie Trevelyan. Ms Trevelyan is due to meet with her counterpart, Indian minister of Commerce and Industry Piyush Goyal, to kick off the negotiation process, which aims to boost the total trade between UK-India to £28 billion a year by 2035.

India has one of the fastest-growing world populations and the Government hopes that a new deal will boost the UK’s position as a key supplier to India’s growing middle class consumers (forecast to increase to a quarter of a billion consumers by 2050). The country is expected to have the world’s largest population by 2050, with more residents than the EU and US combined.

Investment from Indian companies already supports 95,000 jobs across the UK. The trading relationship between the UK and India was worth a total amount of £23 billion in 2019. According to the Government release, the first round of negotiations is expected to start next week – “making it the UK’s quickest start of formal talks between negotiating teams following a launch”.

“As an independent, deal-making nation the UK is broadening our economic horizons and forging stronger partnerships with the fastest-growing economies of the world”, said Minister Trevelyan.

“India marks the start of our ambitious 5-star year of UK trade and will show how the deals we negotiate will boost the economies across all nations and help level up all regions of the UK”, she added.

Michael

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