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Trading with India will be 'quicker, cheaper, easier' post-FTA, says UK
Business and Trade Secretary Jonathan Reynolds described the FTA as the best deal India has ever agreed to as he convened a revamped advisory board for its first meeting, tasked with boosting exports to grow the UK economy.
The Board of Trade, made up of UK business experts, is charged with delivering targeted support for small businesses across the country and helping firms utilise the exporting opportunities from the UK's recent FTAs with the India pact followed by a US deal.
Today marks the beginning of a new chapter for British trade. This Board isn't just a talking shop it's a hands-on, dynamic force that will help businesses of every size access global markets and seize the opportunities created by our landmark trade deals, said Reynolds, who concluded the UK-India FTA negotiations during Commerce and Industry Minister Piyush Goyal's visit to London earlier this month.
We've already secured the best deal India has ever agreed to, and our US agreement has slashed tariffs for our steel and automotive sectors, protecting hundreds of thousands of British jobs, he said.
The Department for Business and Trade (DBT) said its India trade deal is expected to be a shot in the arm for the UK's exports of whiskies and gin, cosmetics, medical devices, advanced machinery and lamb and is expected to increase bilateral trade by an estimated GBP 25.5 billion a year in the long term.
Trading with India will be quicker, cheaper, and easier thanks to improved customs processes and by promoting digital systems, which will be particularly important for SMEs (small and medium enterprises) who may have otherwise been unable to break into the Indian market, DBT said.
The UK-India FTA has been dubbed a landmark trade deal, worth GBP 4.8 billion annually to the UK economy by 2040 as a result of slashed tariffs across the board.
The UK-India Free Trade Agreement is a significant achievement that will create new opportunities for UK and Indian businesses, enable greater access to one of the world's largest and most dynamic markets, and drive growth and innovation across the UK-India corridor, said Bill Winters, Group Chief Executive of Standard Chartered and Co-Chair of the UK-India Financial Partnership.
The UK exported nearly GBP 300 million worth of food and drink to India in 2024, so this FTA represents a significant opportunity for British food and soft drinks, said Karen Betts, Chief Executive of the UK's Food and Drink Federation.
The FTA will also provide UK manufacturers with greater access to ingredients produced in India, strengthening the supply chain resilience and competitiveness for our sector, she said.
According to DBT, Wednesday's first meeting of the Board of Trade comes as part of a wider series of measures to boost the number of high-growth SMEs across the UK.
The high-profile group, made up of popular entrepreneur Mike Soutar, BT Group Chief Executive Allison Kirkby and Small Business Britain founder Michelle Ovens as ambassadors and advocates for British businesses, set about to unpick the breakthroughs with both India and the United States.
It is encouraging to see new deals struck in recent weeks and a real boost to energy and ambition. Almost all businesses in the UK are small businesses, and they have a major impact on the economy, employing millions and creating and supporting communities, said Ovens.
The board will advise on the delivery of the government's forthcoming Trade Strategy' and Small Business Strategy', to ensure both align with the economic growth agenda to raise living standards across all parts of the UK.
It also comes close on the heels of the US trade deal with President Donald Trump, which the Prime Minister Keir Starmer led government says will protect jobs in the automotive, steel, aluminium, pharmaceutical and aerospace sectors employing over 320,000 people across the UK.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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