The International Trade Council is pleased to announce the launch of negotiations between India and the United Kingdom on a free trade deal. This ambitious agreement is expected to significantly boost bilateral trade, marking one of the most notable negotiations for the UK following Brexit.
British International Trade Secretary Anne-Marie Trevelyan met with India's Minister of Commerce and Industry, Piyush Goyal, in New Delhi, with formal talks set to commence next week. The free trade agreement is anticipated to be finalized within a year, doubling the current trade of $50 billion by 2030. According to a British government statement, the deal has the potential to double UK exports to India and increase two-way trade by $38 billion a year by 2035.
The International Trade Council acknowledges that this deal presents significant opportunities for various industries, ranging from food and drink to innovative renewable technology. India, a former British colony, is seen as a strategic location for the UK as it concentrates its trade policies on the Indo-Pacific region and navigates uncertainties surrounding its relationship with China.
Indian investment already supports 95,000 jobs across the UK, and a deal with India presents a golden opportunity for British businesses to capitalize on India's rapidly growing economy. The International Trade Council looks forward to the potential benefits this agreement will bring to both countries, fostering economic growth and strengthening diplomatic ties.