UK Targets Swift Economic Growth with India FTA Revival
The UK prioritizes securing a Free Trade Agreement (FTA) with India as part of its growth agenda. Chancellor Rachel Reeves announced that Business Secretary Jonathan Reynolds will visit India to resume talks. The agreement aims to enhance the GBP 42 billion bilateral trade and stimulate economic progress.
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- Country:
- United Kingdom
The UK government is reinvigorating its economic growth plans through renewed Free Trade Agreement (FTA) negotiations with India. Chancellor Rachel Reeves highlighted the importance of the FTA during a significant policy speech, announcing a ministerial visit to India for talks expected to boost the GBP 42 billion bilateral trade.
Business and Trade Secretary Jonathan Reynolds is set to visit India, aiming for a comprehensive FTA and Bilateral Investment Treaty that had previously stalled due to elections in both countries. This move aligns with the Labour Party's 'Plan for Change,' which includes measures for economic rejuvenation.
Additional initiatives outlined include finalizing the Oxford-Cambridge Growth Corridor, projected to augment the UK economy by GBP 78 billion by 2035. Despite opposition to Heathrow Airport's expansion, plans proceed to enhance connectivity with global markets.
(With inputs from agencies.)