Rio de Janiero : British Prime Minister Kier Starmer has announced the relaunch of trade talks between United Kingdom and India, beginning in the new year. The announcement was made following a bilateral meeting with Prime Minister Narendra Modi on the sidelines of the G20 summit in Brazil, a statement from Starmer's office said on Tuesday.
Boosting trade abroad is essential to delivering a strong economy at home. The UK is committed to negotiating a trade deal with India - one of the fastest growing economies in the world, the statement issued by 10 Downing Street, Starmer's office said.
As per the statement, the UK will seek a new strategic partnership with India, including a trade agreement, as well as deepening co-operation in areas like security, education, technology, and climate change.
The Business and Trade Secretary announced the UK's commitment to relaunching talks with Free Trade Agreement partners in July. Since then, negotiations have been kickstarted with the Gulf Cooperation Council, Switzerland and South Korea. The UK is also set to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) on December 15, the statement added.
The UK's Department for Business and Trade will soon unveil the government's new Trade Strategy, aligned with the Industrial Strategy, to help inform future trade talks and achieve long-term sustainable, inclusive and resilient growth through trade.
"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," Starmer said.
UK's Business and Trade Secretary Jonathan Reynolds said: "India is the fifth largest economy in the world and a vital trading partner for the UK. We believe there is a good deal to be done here that works for both nations."
"Whether it's lowering Indian tariffs to help British firms export to this dynamic market or boosting investment which already supports over 6,00,000 jobs across both countries, striking a deal is important to deliver this Government's core mission of driving economic growth," he added.
A deal with India would boost the UK's trading relationship, worth 42 billion pounds in the 12 months to June 2024. UK exports to India are worth 16.6 billion pounds.
On the bilateral meeting, PM Modi's office said, "Both leaders underlined the importance of resuming the Free Trade Agreement negotiations at an early date and expressed confidence in the ability of the negotiating teams, to address the remaining issues to mutual satisfaction, leading to a balanced, mutually beneficial and forward looking Free Trade Agreement."
Recognizing the ample opportunities for further engagement between the two sides in the light of growing bilateral economic and business relations and with a view to better serve the consular requirements of the Indian community in the United Kingdom, Prime Minister Modi announced the establishment of two new Consulates General of India in the United Kingdom in Belfast and Manchester. Prime Minister Starmer welcomed the announcement according to PM Modi's office.
Prime Minister noted the importance of addressing the issue of economic offenders from India in the UK.
According to the statement by PM Modi's office, the two leaders also agreed on the need to make progress on issues related to migration and mobility.
The two leaders directed their ministers and senior officials to work towards faster implementation of the various understandings that form part of the India-UK Comprehensive Strategic Partnership. They also looked forward to more frequent dialogue and discussions, the statement read.