UK launches talks with India over free-trade agreement
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Loading... - Ainsley Murphy
- 14 Jan 2022
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The UK has launched negotiations with India over a multibillion-pound trade deal that it hopes will bring tariff-free access to the country's fast-growing middle class.
International Trade Secretary Anne-Marie Trevelyan will meet the Indian Minister of Commerce and Industry, Piyush Goyal, in New Delhi for an event on Thursday.
The UK Department for International Trade said it hoped the talks could result in a deal that could increase trade between the two countries to £28 billion ($38.38bn) a year by 2035, and boost wages across Britain by up to £3bn.
India has a £2 trillion economy and market of 1.4 billion consumers, including a growing middle class who favour British-made cars and Scotch whisky.
Removing these duties alone would increase exports to India by up to £6.8bn, supporting tens of thousands of jobs across the UK, the British department says.
Investment from Indian companies already supports 95,000 jobs across the UK.
Economic forecasts show that India is set to become the world’s third-biggest economy by 2050, with a bigger population than the US and EU combined.
UK Prime Minister Boris Johnson says a new deal would open India’s booming economy to Britain and "offer huge benefits for British businesses, workers and consumers".
“The UK has world-class businesses and expertise we can rightly be proud of, from Scotch whisky distillers to financial services and cutting-edge renewable technology," Mr Johnson said. Read More…
