New Delhi:January 24:NSR
UK Business and Trade Secretary Jonathan Reynolds to relaunch trade talks in New Delhi today alongside India Commerce Minister Piyush Goyal
Trade deal will deliver economic growth and bring the two economies closer, benefiting businesses in both countries
Business and Trade Secretary Jonathan Reynolds arrives in New Delhi today [24 February] to relaunch talks on a free trade agreement between our two countries. The UK and India will kickstart negotiations on a modern economic deal with two-days of focused discussions.
The size of the economic prize is huge as trade between the UK and India continues to grow significantly. The visit underpins strong ambition from both sides to take the trading relationship to new heights.
The UK and India are currently the sixth and fifth largest global economies respectively, with a trade relationship worth £41 billion which supports over 600,000 jobs across both countries.
A trade deal could back sectors identified in the UK government’s upcoming Industrial Strategy, such as advanced manufacturing, clean energy, financial services, and professional and business services.
Jonathan Reynolds, UK Business and Trade Secretary said: “We are committed to driving economic growth across the UK, working with key international partners such as India.
“I look forward to meeting Minister Goyal in New Delhi for the relaunch of talks on a trade deal that will support jobs and bring prosperity for both countries.
“We want to take our trading relationship with India to the next level and this trade deal forms the bedrock of this commitment.”
At the same time, UK Investment Minister Poppy Gustafsson will travel to two of India’s foremost business centres, Mumbai and Bengaluru, to promote the UK as the best place for Indian businesses to invest.
India has been the second biggest source of FDI into the UK for five consecutive years in terms of projects and jobs created and the most recent stats show a 28% year-on-year increase in investment.
The UK offer for Indian investors has never been stronger, she will tell businesses, thanks to the government’s drive to restore economic stability and boost investor confidence as part of its Plan for Change.
