UK-India commerce talks to re-launch within the new yr | EUROtoday

Free commerce talks between India and the UK can be relaunched within the new yr, Downing Street has introduced.

The information comes after Sir Keir Starmer met Indian prime minister Narendra Modi on the G20 summit in Brazil.

A post-Brexit deal may unlock useful markets for British vehicles, Scottish whisky, and monetary providers value billions of kilos, with India on the right track to turn into the third largest financial system on the planet by 2050.

However, the UK has been locked in additional than a dozen rounds of negotiations since 2022, with key sticking factors round stress-free visa guidelines and decreasing charges for Indian college students and professionals going to the UK.

UK exports to India are value £16.6 billion and the buying and selling relationship with India was value £42 billion within the 12 months earlier than June 2024.

Sir Keir has been assembly world leaders over the two-day summit of the 20 largest international economies, and is predicted to unveil new commerce and industrial methods within the coming weeks.

He mentioned the most recent spherical of talks with India will deal with safety, schooling, expertise, and local weather change.

“Boosting economic growth is key to improving living standards for working people,” he mentioned.

“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 commerce secretary Jonathan Reynolds described India as a “vital trading partner” and mentioned he believed there may be “a good deal to be done here” for either side.

“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,” he mentioned.

The Labour authorities has been negotiating with Switzerland, South Korea and the Gulf Cooperation Council since their election victory in July.

The UK will even be a part of commerce talks for the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) in mid-December.