UK and India Prioritize Trade Deal Amid International Summit Buzz

The UK’s new Labour government, led by Business and Trade Secretary Jonathan Reynolds, emphasizes the importance of a trade deal with India at the International Investment Summit. While negotiations for a Free Trade Agreement and Bilateral Investment Treaty continue, the UK remains committed to strengthening its economic ties with India.

The UK, under its new Labour government, is prioritizing a trade deal with India as part of its strategic economic planning. Business and Trade Secretary Jonathan Reynolds emphasized this during the International Investment Summit in London, identifying India and the Gulf as key focus areas.

Reynolds stated that trade and international investment are central to driving the nation's economic growth. With the UK’s robust legal and regulatory framework and a diverse workforce, the focus remains on fostering a business-friendly environment, backed by an inclusive immigration system.

The UK is working on a Free Trade Agreement and Bilateral Investment Treaty with India, following negotiations carried over from the previous administration. While a conclusive timeline is pending, the commitment to enhancing the GBP 38-billion bilateral trade partnership with India is clear. The International Investment Summit also witnessed a significant investment declaration, promising nearly 38,000 jobs across the UK, underscoring confidence in the British economy.

(With inputs from agencies.)