Businesses and consumers across Britain and India are set to receive a timely boost in the face of global economic shocks, as the UK ramps up work this week to bring the UK-India Free Trade Agreement into force as soon as possible. Business and Trade Secretary Peter Kyle will arrive in New Delhi tomorrow (2 June) to meet Commerce Minister Piyush Goyal to discuss bringing the FTA into force as quickly as possible, a priority for both governments.
And as global conflicts including the continued blockade of the Strait of Hormuz are causing economic shocks across the world’s biggest economies, Peter Kyle sees advancing the UK’s vital economic partnership with India as a key priority, with significant mutual benefits.
The Trade Secretary’s visit during this time of rapid global change signals the UK’s determination to unlock the next phase of our modern economic partnership with India, so it can deliver growth for people in both countries. Bilateral trade is already worth £48 billion a year and the FTA will liberalise 99% of UK tariffs and 90% of Indian tariffs, supporting cheaper, quicker, and easier exports and trade between our markets.
The Trade Secretary will also meet with Indian and British industry leaders aiming to support businesses to prepare for the deal coming into force.
The UK-India FTA is the biggest and most economically significant bilateral trade deal the UK has agreed since leaving the European Union. It covers 30 chapters – including standalone chapters on gender, innovation, environment, and labour – making it one of the most comprehensive trade deals that India has ever signed.
The visit follows the Prime Minister’s trade mission to India late last year, where he and the Trade Secretary were joined in Mumbai by 125 of the UK’s most prominent CEOs, entrepreneurs and business leaders, unlocking significant opportunities for British business across numerous industries following the signature of the FTA.
Business and Trade Secretary Peter Kyle said: “From whisky to automotives, this landmark deal will unlock massive opportunities for businesses and consumers in the UK and India.
“I’m here in New Delhi to progress implementing this win-win agreement, which is worth billions to our economies.
“I look forward to working with Piyush Goyal to make sure everybody can start to feel the benefits as soon as possible.”
The UK Government is committed to delivering the certainty and stability that businesses need to grow in tough times. The trade deals we have struck with partners around the world support businesses to export and grow, boost jobs and increase wages. In May, the UK became the first G7 country to agree a trade deal with the Gulf Cooperation Council. This marked the fifth agreement following major deals with India, the US, the EU and South Korea.
