Achieving Ambitious & Mutually Beneficial Trade Between India and the U.K.
This is welcome news to Indian businesses, who are keen to access the U.K.’s high-value markets and to benefit from the U.K.’s world-leading expertise in areas such as financial services, technology, and the creative industries. The desire to negotiate a mutually beneficial trade deal is also shared by the U.K. business community, who see immense opportunities in India’s fast-growing economy. As such, the U.K. government is keen to ensure that a trade agreement between India and the U.K. is a win-win for both sides.
At a Downing Street reception for the India Global Forum, U.K. Prime Minister Rishi Sunak addressed a roomful of successful people from India and the U.K., telling them that the U.K. wants to make an ambitious and beneficial trade deal with India. “We want to strike a truly ambitious trade deal that benefits both our nations, bringing tremendous opportunities to businesses and consumers, both in India and here at home,” he said. Mr. Sunak highlighted the inspiring achievements of the people present at the reception, emphasizing that “anything is possible”. The U.K. and India have been in talks for some time, with the 10th round of discussions concluding on June 9th. After 50 sessions across 10 policy areas, the U.K. government readout said that the two nations are on the path of creating a mutually beneficial trade agreement.
The U.K. has been a consistent advocate of free trade, which it believes will bring about economic growth and job creation. A similar view is held in India, with Prime Minister Narendra Modi speaking at the India Global Forum and saying that India is ready to open up its markets to the world. Both the U.K. and India have a history of strong economic ties and a strong relationship. The two countries have been working together on trade for over a century, and the U.K. is currently India’s sixth largest trading partner. The U.K. government has made it clear that it wants to pursue a trade agreement with India that will create jobs, open up markets, and spur growth and investment. This is welcome news to Indian businesses, who are keen to access the U.K.’s high-value markets and to benefit from the U.K.’s world-leading expertise in areas such as financial services, technology, and the creative industries. The desire to negotiate a mutually beneficial trade deal is also shared by the U.K. business community, who see immense opportunities in India’s fast-growing economy. As such, the U.K. government is keen to ensure that a trade agreement between India and the U.K. is a win-win for both sides. The U.K. and India are both committed to striking an ambitious and beneficial trade deal, and there is a great deal of potential for both countries to benefit. An ambitious trade agreement would open up new markets, create jobs, spur economic growth, and provide more opportunities for businesses and consumers on both sides.