UK Teams to Quickly Restart FTA Negotiations with India

30 Jul, 2024

UK Teams to Quickly Restart FTA Negotiations with India

The UK's newly elected Labour government plans to swiftly restart Free Trade Agreement (FTA) negotiations with India, aiming to enhance economic growth and international market access. Business and Trade Secretary Jonathan Reynolds outlined the government's approach to trade deals, focusing on high-quality agreements that benefit British businesses and boost job creation. The Department for Business and Trade (DBT) will publish a trade strategy aligned with the government's industrial and net-zero goals.

Reynolds emphasized the importance of boosting trade to strengthen the domestic economy. The UK, under the Labour government, is committed to advancing FTA talks with India, resuming from the fourteenth round of discussions that paused due to general elections. This trade deal is crucial as India is projected to become the world's third-largest economy by 2027. The agreement would provide UK businesses with improved access to India's growing consumer market, which is expected to surpass 250 million by 2050.

The DBT's broader trade program also includes negotiating with the Gulf Cooperation Council (GCC), Israel, South Korea, Switzerland, and Turkey. The first round of talks is set for autumn 2024. Additionally, the DBT aims to improve the UK's trade relationship with the EU to support small businesses and remove trade barriers. The UK's trade strategy will leverage its position as the world’s fourth-largest exporter, with a focus on expanding global sales of British goods and services.