The UK’s trading relationship with India received another boost this week as UK Trade Secretary Kemi Badenoch saying an imminent free trade agreement is
A natural next step for us both, bringing two nations with extraordinary plans for their futures closer still.
Badenoch was writing in the Indian Express to update readers in the sub-continent on progress towards a post-Brexit FTA that many in the UK believe could open the country up to many more Indian firms investing in the UK.
Describing the ties between India and the UK as longstanding and important, Badenoch wrote, “Last year, we showed the world how our economic relationship is reaching new heights with an enhanced trade partnership. At a stroke, we opened exciting opportunities for our businesses, from food and drink firms to life science startups. We lowered several trade barriers, pledged to bring down many more and set an ambitious target to double the value of India-UK trade by 2030.
The article landed at a time when the UK economy is slowly beginning to re-orientate itself towards a post-Brexit future, with FTA’s with a number of non-EU countries promised in the next two years. The Indian deal would, the UK claims, create billions in new investment. And the mooted deal wouldn’t only benefit UK firms but also Indian growth companies looking to access new markets.
“Greater market access works both ways,” Badenoch writes. “Prime Minister Modi has urged Indian businesses to export their products to the world with “zero-effect, zero-defect”. In other words, high-quality goods with no environmental impact.
A free trade agreement between our nations could further help achieve this target. It would help Indian firms to sell to a market that imported almost £820bn of goods and services from around the world in the last 12 months on record.
The next few months should see further progress towards the final FTA, smoothing the path for Indian companies to continue their growth journeys in the UK.
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