PRESS RELEASE : Prime Minister announces relaunch of UK-India free trade talks [November 2024]
The press release issued by 10 Downing Street on 18 November 2024.
The Prime Minister has announced that UK-India trade talks will relaunch in the new year, following a bilateral meeting with Prime Minister Narendra Modi at the G20 summit.
Boosting trade abroad is essential to delivering a strong economy at home. The UK is committed to negotiating a trade deal with India – one of the fastest growing economies in the world.
The UK will seek a new strategic partnership with India, including a trade agreement, as well as deepening co-operation in areas like security, education, technology, and climate change.
The Business and Trade Secretary announced the UK’s commitment to relaunching talks with Free Trade Agreement partners in July. Since then, negotiations have been kickstarted with the Gulf Cooperation Council, Switzerland and South Korea. The UK is also set to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) on 15 December.
The Department for Business and Trade will soon unveil the government’s new Trade Strategy, aligned with the Industrial Strategy, to help inform future trade talks and achieve long-term sustainable, inclusive and resilient growth through trade.
The Prime Minister is using his trip to the G20 in Brazil to strengthen ties with the world’s leading economic powers to drive growth and deliver for the British people at home.
Prime Minister Keir Starmer said:
Boosting economic growth is key to improving living standards for working people.
A new trade deal with India will support jobs and prosperity in the UK – and represent a step forward in our mission to deliver growth and opportunity across our country.
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, striking a deal is important to deliver this Government’s core mission of driving economic growth.
A deal with India would boost the UK’s trading relationship, worth £42 billion in the 12 months to June 2024. UK exports to India are worth £16.6 billion.
