UK India Business Council welcomes announcement of resumption of talks to conclude 'Free Trade' deal
T
he UK India Business Council welcomed the announcement to resume the Free Trade Agreement (FTA) talks between India and UK in early 2025, an official statement said.
UK Prime Minister, Keir Starmer made the announcement following a bilateral meeting with his Indian counterpart, Prime Minister Narendra Modi on the sidelines on the G20 summit in Brazil.
Highlighting the importance of the new FTA with India, the UK PM said, '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." He also added that boosting economic growth is key to improving living standards for working people.
UKIBC has engaged with ministers and senior officials across departments in both governments during the 13 rounds of negotiations to date and have witnessed a strong commitment from both sides to make this deal a reality.
Kevin McCole, Managing Director, UK-India Business Council, said, "We are delighted that the FTA negotiations will re-start early next year. This is an exciting chapter of the UK-India partnership. Negotiations are complex - it is, after all, the world's 5th and 6th largest economies preparing for a comprehensive FTA - and it is important to secure a fair and ambitious deal. By concluding the FTA, smoothing the two-way flow of students and workers, and deepening R&D collaboration, the UK and Indian Governments will deliver stronger economic growth in both countries. This will create jobs and prosperity in India and the UK as well as being a force for global good."
There have been 13 rounds of negotiations on Free Trade Agreement (FTA) between India and the UK, 14th was pushed for keeping in mind the elections in both the countries earlier this year. The negotiations started in 2022, and a substantial number of chapters have been discussed. Both the countries are aimed at enhancing bilateral trade, evident in the political will to close the deal.
Currently, the bilateral trade between the two countries is valued at £42 billion (USD 53.2 billion) in the 12 months to June 2024.
UKIBC is a policy advocacy and strategic consulting not-for-profit, with a mission to grow the UK-India trade and investment. To do that, we provide strategic and practical support to businesses and universities to explore, enter, and expand in both markets.
"We want to help more UK businesses to uncover opportunities and succeed in India. Business looking at the India opportunity need to develop a strategy based on factual market insights, and then implement that strategy. The UK India Business Council has the knowledge, networks, and people to help do this." the UKIBC said.
"UK-India collaboration creates prosperity and jobs in both countries, and UK and Indian business have ideas, technology, services and products which improve lives. We work closely with the UK and Indian governments, the devolved administrations, England's city regions, and State governments across India. We believe a strong UK-India economic partnership is a force for positive change globally," it added.
✔️ UK India Business Council welcomes announcement of resumption of talks to conclude 'Free Trade' deal
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