“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,” Starmer was quoted as saying in an official UK government release.
Following a meeting with PM Narendra Modi at the G20 summit, PM Keir Starmer announced that UK-India trade talks will be relaunched in the new year.
The UK will seek a new strategic partnership with India, including a trade agreement, as well as deepening cooperation in several areas.
“A new trade deal with India will support jobs and prosperity in the UK,” Starmer said.
“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,” business and trade secretary Jonathan Reynolds said.
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.
The United Kingdom will seek a new strategic partnership with India, including a trade agreement, as well as deepening cooperation in areas like security, education, technology and climate change, the release said.
Reynolds announced in July the UK government’s commitment to relaunching talks with free trade agreement partners in July.
Since then, negotiations have been started with the Gulf Cooperation Council, Switzerland and South Korea. The country is also set to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) on December 15.
The UK 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.
Fibre2Fashion News Desk (DS)
