Britain’s Trade Minister Kemi Badenoch is in Delhi from Monday for the sixth round of Free Trade Agreement (FTA) talks between Britain and India. With the aim of strengthening ties between the two countries and negotiating an ambitious bilateral trade deal, Badenoch will meet her Indian counterpart Piyush Goyal in person for the first time.
She will address both the teams of senior officials ahead of the sixth round of formal talks to be held throughout the week. The first formal round of talks since July will target a deal to cut prices and open up opportunities for UK services such as financial and legal, which will help British businesses create a middle class of 250 million people by 2050, as well as the world. Will help in becoming the third largest economy of India.
During her visit, the Business Secretary will also meet with business leaders to better understand their needs for a modern UK-India business relationship. This will include a meeting with UK company EnvoPAP to invest over £10 million in India to build a plant that will produce Fairtrade paper and packaging products.
International Trade Minister Kemi Badenoch said: “I am here in New Delhi to launch round six of UK-India trade talks and will be meeting my counterpart Minister Goyal in person to discuss progress on this agreement.”
The two countries have come together with great ambitions and a desire to work together towards a mutually beneficial deal. I’m excited about the opportunities we can create for British business.
India and the UK are the 5th and 6th largest economies in the world. We have a long shared history, and are in a prime position to strike a deal that will create jobs, spur growth and boost our £29 billion trade relationship.
Strong growth in the Indian economy is expected to increase UK exports to India by more than nine billion pounds by the middle of the next decade, and UK businesses are already taking advantage of the flourishing trading relationship.
British coffee and sandwich retailer Pret will open its first branch in India in early 2023 following a franchisee partnership with Reliance Brands. The company plans to open a total of 100 branches across the country.
Pano Christou, CEO of Pret a Manger, said, “Bringing Pret’s fresh food and organic coffee to more people around the world is an important part of our transformation strategy, and I am delighted to launch Pret in India.
Given the strong demand for fresh food and new dining experiences, we continue to explore exciting opportunities to grow the Pret brand across India, while adding something unique to its food-to-go market.
Andy Burwell, International Director, Confederation of British Industry, said the UK-India FTA remains a top priority for industry. We appreciate the minister and the prime minister for this. Trade is an important driver of growth and India will be a strong partner and market as the UK aims to avoid recession, attract skilled labor and drive a green transition.
Businesses could benefit from a reduction in such businesses, more affordable cross-border trade, and increased opportunities to work with Indian companies and suppliers thanks to free trade agreements.
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