In 2022, the volume of bilateral trade between India and the UK stood at £36 bn, supporting half a million jobs in both the countries…reports Asian Lite News
Trade minister Nigel Huddleston on Tuesday said the 2030 roadmap with India will bring immense benefits for both countries. Speaking at an event in Kolkata, the minister said it will deepen cooperation and bring both the countries even closer.
“The 2030 roadmap agreed by our Prime Ministers in May 2021 is a practical plan to transform the relationship between United Kingdom and India. It will bring immense benefits for both the countries. We have committed to doubling trade between the two great nations,” Huddleston said.
He said both UK and India have global interests and global reach. “We are science and technology superpowers. We worked together on the Covid vaccine which saved hundreds of lives in several countries,” Huddleston said.
In 2022, the volume of bilateral trade between India and the UK stood at £36 billion, supporting half a million jobs in both the countries.
The minister said of the great global challenges, none is more urgent than climate change. “We are proud to work with India and support initiatives such as the International Solar Alliance and the coalition for disaster-resilient infrastructure,” the minister said.
He also announced deepening of cooperation between the UK and West Bengal in electric mobility and sustainable construction sectors.
He said to address the barriers for faster adoption of electric vehicles, UK had worked with the West Bengal government to bridge the skill gaps in the ecosystem in the EV space.
“Together (UK and West Bengal) we will make the transition to zero emission vehicles faster, more affordable and accessible to all,” he added.
Meanwhile, both the UK and India are negotiating a free-trade agreement which has completed the tenth round of talks.
Huddleston, who arrived here on Monday on a two-day visit to the metropolis, also met former West Bengal finance minister Amit Mitra.
“A pleasure to speak with @DrAmitMitra to reaffirm the UK’s commitment to bolstering economic growth in this vibrant state. Also committed participation in the Bengal Global Business Summit, to which we brought the largest international delegation last year,” he tweeted.
The UK minister also met Sanjiv Goenka, the chairman and MD of the RPG Sanjiv Goenka Group, and discussed business ties and opportunities.
“Really productive meeting with Sanjiv Goenka – Chairman and MD of @rpsggroup. We discussed UK-India trade and how a UK-India FTA could help address obstacles to trade, reduce tariffs, and open doors for businesses – creating jobs and opportunities for economic growth,” the minister tweeted. India is its 12th largest trading partner accounting for 2.1 per cent of its total trade.
The Department for Business and Trade (DBT) said Huddleston is on a three-day visit to South Asia, which covers Kolkata and Dhaka in Bangladesh, focused on unlocking more opportunities for British companies to grow trade and two-way business flows.
Earlier, Huddleston visited Jorasanko Thakurbari in Kolkata and paid floral tributes to Rabindranath Tagore and said that it’s been a “real honour” to be here and to get acquitted with the volume of his poems.
After visiting Jorasanko Thakurbari, Huddleston, said, “It was really amazing visit, actually. It’s a beautiful building, and I think it’s really important that we preserve these historic buildings. But of course, Tagore’s memory is worth celebrating. I mean, I knew something about what he did but had no idea about the volume of art, the volume of poems, and all the visits, international visits at a time when actually it was quite difficult to travel internationally.” “So it’s been a real honour to be here and have a little bit of culture amongst all the business and trade talk, but it’s fantastic. And I say it’s a beautiful building as well, and the team do such a great job. So it’s been a real honour to visit,” he added.
In another tweet, he added, “A free trade agreement between the UK & India holds incredible opportunities for businesses. Delighted to meet Sanjiv Puri, the Chairman of @ITCCorpCom (one of the largest private sector companies in India) and discuss the huge benefits an FTA can bring to both nations.”
Before arriving in Kolkata, Huddleston, in a press release said, “The UK has a strong and enduring relationship with India and Bangladesh. Our trade with both has grown significantly over the past year, which shows our partnerships are reaching new heights.”
“I want to use my first official visit here to show the UK’s eagerness to work with both countries on shared challenges like climate change, using our collective expertise to deepen our trading relationship, spark economic growth, and create jobs,” he added.
Transport is India’s third biggest source of emissions, with road transport accounting for 90 per cent of transport emissions. India has set strong targets to boost electric vehicles (EVs) and the UK is well-placed to support this ambition by providing knowledge exchange, and access to finance and technology.
The Minister will announce a new project that will see the UK and Government of West Bengal join forces on a pilot to develop electric two-wheelers, such as motorcycles or scooters.
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