UK Trade Deal With India Could Be Worth A Staggering £23bn

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UK Trade Deal With India Could Be Worth £23bn.
image: DITC

UK Trade Deal With India Could Be Worth A Staggering £23bn

British High Commissioner to India, Alex Ellis, said that Boris Johnson’s forthcoming trip to India in the Spring could lead to a Free Trade Agreement (FTA) with the world’s fifth-biggest economy, who in the past have had a historical reluctance to enter into bilateral trade deals, but now that Britain has left the EU, the pathway for negotiation is open.

Mr Ellis said “India has not been enthusiastic about trade deals, but we see a definite shift and a desire for bilateral trade deals including with us. I think both sides will want to see from the other some indication of concrete steps towards that deal”.

He continued, “That is why there has been talk about an early harvest to see if we can do any initial moves which can show the seriousness on both sides”.

Only last month, both sides signed off on a new Enhanced Trade Partnership (ETP), which will boost “bilateral trade and economic relations”, and is seen by ministers as a starting block to securing a long-term trade deal with the ‘Asian tiger’.

Liz Truss, the Secretary of State for International Trade, stressed, “trade relations with India are absolutely a priority”, stating that in 2019, India’s trade relationship was worth £23billion, with more than 383 Indian companies in the UK supporting 82,000 jobs, as reported by express.co.uk.

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