New Delhi [India], June 2 (ANI): UK Business and Trade Secretary Peter Kyle is in Delhi today to progress the next stage of the £48 billion (approx. USD 64.7 billion) trading relationship with India. According to a statement from the Government of the UK, the Business and Trade Secretary will meet India’s Commerce Minister Piyush Goyal in New Delhi to advance the trade relationship. The two officials are scheduled to discuss bringing the bilateral Free Trade Agreement (FTA) into force as quickly as possible.
The push to finalize the agreement comes amid widespread international trade volatility. As global conflicts, including the continued blockade of the Strait of Hormuz, cause economic shocks across the world’s biggest economies, Kyle views the advancement of the UK’s economic partnership with India as a key priority.
Once implemented, the FTA is set to liberalize 99 per cent of UK tariffs and 90 per cent of Indian tariffs, aiming to make exports and trade between the two markets cheaper, quicker, and easier. During his visit, the Trade Secretary will also meet with Indian and British industry leaders to help businesses prepare for the upcoming deal.
“The UK-India FTA is the biggest and most economically significant bilateral trade deal the UK has agreed since leaving the European Union. It covers 30 chapters – including standalone chapters on gender, innovation, environment, and labour – making it one of the most comprehensive trade deals that India has ever signed,” the UK government said in a statement.
This trip follows a trade mission to India late last year by the UK Prime Minister and the Trade Secretary, who were joined in Mumbai by 125 prominent British CEOs, entrepreneurs, and business leaders to secure corporate opportunities.
Speaking on the progression of the trade agreement, Business and Trade Secretary Peter Kyle said, “From whisky to automotives, this landmark deal will unlock massive opportunities for businesses and consumers in the UK and India.”
“I’m here in New Delhi to progress implementing this win-win agreement, which is worth billions to our economies,” Kyle added.
“I look forward to working with Piyush Goyal to make sure everybody can start to feel the benefits as soon as possible,” the Trade Secretary highlighted.
The UK Government stated that it remains committed to providing the certainty and stability businesses require to achieve growth during difficult economic periods. The trade deals finalized by the UK around the world are intended to support corporate exports, boost employment, and increase wages.
The UK recently became the first G7 nation to secure a trade deal with the Gulf Cooperation Council in May, which marked its fifth major agreement following previous deals established with India, the US, the EU, and South Korea. (ANI)
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