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UK trade minister to launch FTA talks in Delhi on Wednesday

Britain’s Secretary of State for International Trade Anne-Marie Trevelyan will launch Free Trade Agreement (FTA) negotiations throughout a go to to New Delhi beginning on Wednesday, the UK authorities has stated.

The schedule for the two-day go to to India will embody bilateral talks between Trevelyan and Commerce and Industry Minister Piyush Goyal on Thursday, the Department for International Trade (DIT) stated on Sunday.

Trevelyan and Goyal are anticipated to focus on a variety of points, together with inexperienced trade and the elimination of market entry boundaries for each UK and Indian companies, DIT stated.

Both ministers are then anticipated to verify the launch of official negotiations on a brand new UK-India FTA.

“The UK and India are already close friends and trading partners, and building on that strong relationship is a priority for 2022,” said Trevelyan.

“I shall be utilizing my go to to drive ahead an bold trade agenda which represents the UK’s Indo-Pacific tilt in motion and reveals how we’re seizing world alternatives as an impartial buying and selling nation,” she said.

“This is simply the beginning of a five-star year of UK trade, forging nearer financial partnerships across the globe and negotiating offers that work for companies, households and shoppers in each a part of the UK,” she added.

On Thursday, the UK minister will be part of Goyal to co-host the fifteenth UK-India Joint Economic and Trade Committee (JETCO) to review how companies in each international locations are benefiting from current market entry commitments beneath the UK-India Enhanced Trade Partnership agreed final May by Prime Ministers Boris Johnson and Narendra Modi.

The DIT stated the UK Trade Secretary is anticipated to meet a number of Cabinet ministers to focus on nearer bilateral cooperation, together with External Affairs Minister S Jaishankar, Finance Minister Nirmala Sitharaman, and Environment Minister Bhupender Yadav.

“This highlights the ongoing wider strategic importance of the UK-India bilateral relationship which extends beyond trade,” the DIT said.

On Wednesday, Trevelyan will meet staff at the New Delhi site of British manufacturing firm JCB to talk about how manufacturing and engineering firms could hugely benefit from the UK-India trade deal. The company are dubbed a UK “export success story”, having been in India for over 40 years and employing over 5,000 people in country.

Later that day, the UK minister will also attend a Defence Industry roundtable hosted alongside Defence Secretary Dr Ajay Kumar to promote future UK-India defence collaboration and strategic cooperation in the Indo-Pacific.

According to latest DIT figures, total trade in goods and services between the UK and India was GBP 23.3 billion in 2019, making India the UK’s 15th largest trading partner. Indian investment in the UK supports 95,000 jobs across the country, with 15,000 new jobs created by Indian investment in the last three years.

A trade deal could help increase this further and will play a key role in our ambition to double trade with India by 2030, the UK government said.

It added: “India is one of the world’s biggest and fastest growing economies and a bold new deal would put UK businesses at the front of the queue to export to India’s growing middle class of a quarter of a billion consumers.

“India is ready to turn out to be the world’s third greatest economic system by 2050, with an even bigger inhabitants than the US and EU mixed.” 

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