Speaking after a meeting with the Prime Minister of India, Narendra Modi, at the G20 Summit in Brazil, Prime Minister Sir Keir Starmer confirmed plans to relaunch UK–India trade negotiations early in 2025.
The UK will seek a new strategic partnership with India, one of the fastest growing economies in the world, and this will include a trade agreement as well as deepening co-operation in areas such as security, education, technology and climate change, the Prime Minister said.
This follows announcements earlier this year that negotiations have restarted with the Gulf Co-operation Council (GCC), Switzerland and South Korea and that the UK is set to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) on 15 December 2024.
Business and Trade Secretary, Jonathan Reynolds, said: “India is the fifth largest economy in the world and a vital trading partner for the UK. We believe there is a good deal to be done here that works for both nations.”
Whether it’s lowering Indian tariffs to help British firms export to this dynamic market or boosting investment which already supports over 600,000 jobs across both countries, he went on, striking a deal is important to deliver the Government’s commitment to driving economic growth.
In the 12 months to June 2024, the UK’s trading relationship was worth £42 billion with UK exports to India accounting for £16.6 billion.
