Last week, an agreement in principle for a free trade deal between the UK and India was announced after years of negotiation. Trade between the two countries was worth £42.6 billion last year.
A Free Trade Agreement (FTA) between the UK and India is a huge boost to our economies and a welcome lift for our exporters. Both Governments should be congratulated for their strong engagement with business and hard work throughout long, but ultimately successful, negotiations.
Against the backdrop of mounting trade uncertainty across the globe, these tariff reductions will be a big relief. Products from Scotch whisky to clothing will benefit and this will give UK companies exporting to India a clear edge on increasing sales.
There is great potential for future expansion with a trusted trading partner in the fastest growing region of the world’s economy.
Alongside our strengths in services trade, particularly in business, travel and transport services, this agreement can offer real hope that our bilateral trade will grow strongly.
The proposals for a follow-up Investment Treaty will also provide a solid platform to grow manufacturing and other sectors in our two economies.
Negotiation is the best way to deliver results for business in trade. Chambers across the Country look forward to working with companies of all sizes to use this landmark agreement to drive a step change in exports and economic growth.”
