Greg Hands – 2022 Statement on the UK-India Trade Deal
The statement made by Greg Hands, the Minister for Trade Policy, in the House of Commons on 26 October 2022.
First, let me say that it is good to be back at the Department for International Trade.
India is, of course, an economic superpower, projected to be the world’s third largest economy by 2050. Improving access to this dynamic market will provide huge opportunities for UK business, building on a trading relationship worth more than £24 billion in 2021. That is why we are negotiating an ambitious free trade agreement that works for both countries. We have already closed the majority of chapters and look forward to the next round of talks shortly.
A strong free trade agreement can strengthen the economic links between the UK and India, boosting the UK economy by more than £3 billion by 2035, helping families and communities. An FTA can cut red tape, making it cheaper for UK companies to sell into India’s dynamic market, helping drive growth and support jobs across every nation and region of the UK. Greater access could help UK businesses reach more than a billion more consumers, including India’s growing middle class, which is estimated to reach a quarter of a billion by 2050, and give them a competitive edge over other countries that do not have a deal with India. An FTA with India supports the Government’s growth strategy, by taking advantage of the UK’s status as an independent trading nation championing free trade that benefits the whole of the UK. We remain clear that we are working towards the best deal for both sides and will not sign until we have a deal that is fair, reciprocal and, ultimately, in the best interests of the British people and the UK economy.
