January 13, 2022
2 mins read

FTA golden opportunity for UK businesses: British trade minister

British International Trade Secretary Trevelyan is on a two-day visit to India to officially launch negotiations on a new, ambitious FTA, which is supposed to create huge benefits for both the countries…reports Asian Lite News

After the formal launch of the negotiations between India and the UK for a Free Trade Agreement (FTA) between the two nations here on Thursday, British International Trade Secretary, Anne-Marie Trevelyan, said that the UK is broadening its economic horizons and forging stronger partnerships with the fastest-growing economies of the world.

“As an independent, deal-making nation, the UK is broadening its economic horizons and forging stronger partnerships with the fastest-growing economies of the world. India marks the start of our ambitious 5-star year for UK trade and will show how the deals we negotiate boost the economies across all nations and help level up all regions of the UK,” Trevelyan said.

Trevelyan is on a two-day visit to India to officially launch negotiations on a new, ambitious FTA, which is supposed to create huge benefits for both the countries and could boost India-UK bilateral trade by up to 28 billion pounds a year by 2035.

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, a demonstration of the strength of the UK-India relationship.

The UK-India economic relationship is already strong and bilateral trade totalled over 23 billion pounds in 2019, supporting nearly half-a-million jobs in each other’s economies.

In May 2021, the Prime Ministers of the two nations had set the ambition to double the value of UK-India trade over the next decade through the ‘2030 Roadmap’ plan, Trevelyan said.

“A deal with India is a golden opportunity to put UK businesses at the front of the queue, as the Indian economy continues to grow rapidly. By 2050, India will be the world’s third largest economy with a middle class of almost 250 million shoppers. We want to unlock this huge new market for our great British producers and manufacturers across numerous industries, from food and beverages to services and automotive,” Trevelyan added.

A deal between the UK and India will enable both economies to diversify, strengthen supply chains, and position India as a trusted trade partner in the region. India is at the heart of the Indo-Pacific region, where half the world’s people live and 50 per cent of global economic growth is produced, she said.

A new economic partnership with India, alongside UK membership of the massive Asia-Pacific trading bloc, CPTPP, will create a pillar in the region supporting free and fair trade, she added.

ALSO READ: ‘Indian diaspora in UK act as living bridge’

Previous Story

‘Indian diaspora in UK act as living bridge’

Next Story

FTA TALKS: Jaishankar meets UK trade minister

Latest from -Top News

Xi Welcomes Modi at SCO Reception

Earlier in the day, PM Modi held a meeting with Chinese President Xi Jinping in Tianjin…reports Asian Lite News Chinese President Xi Jinping and his wife, Peng Liyuan, welcomed Prime Minister Narendra

Modi Meets Xi in Tianjin

During the meeting, the two leaders reviewed the progress of India-China ties since last meet in Russia’s Kazan in 2024…reports Asian Lite News Prime Minister Narendra Modi held a bilateral meeting with

Xi Woos Arab World

For Egypt, the summit carries special significance. Egypt’s accession as an SCO dialogue partner marks a strategic step toward forging more balanced, diversified international partnerships, particularly with emerging countries such as China,

More Killings in Gaza

Israel’s state-owned Kan TV News reported that Israel will stop the airdrop operation of humanitarian aid over Gaza City in the coming days, and the entry of ground aid via trucks to
Go toTop

Don't Miss

UK firms expect to raise prices 6% in 12 months

Price-increase expectations eased only slightly from 6.2% in October. The

Row over Sadiq’s plan to pedestrianise Oxford Street

Oxford Street is one of the world’s busiest shopping areas,