UK business minister reaffirms India Trade deal as a 'Priority'

London: UK Business and Trade Secretary Jonathan Reynolds has reaffirmed that securing a trade deal with India remains a top priority for the government. As per PTI, speaking at the Labour Party’s International Investment Summit in London, Reynolds emphasised the importance of pursuing trade agreements with both India and the Gulf region for clear economic and commercial benefits.
"India and the Gulf are our priorities. There are strong economic reasons to focus on these regions," Reynolds said during the event at the Guildhall, which coincided with the launch of a new Industrial Strategy green paper.

Reynolds highlighted the UK’s strengths as a global business hub, noting its open economy, world-class legal standards, and robust regulatory framework that promotes innovation and investment. He also pointed to the UK’s skilled and diverse workforce, bolstered by an immigration system that attracts talent from around the world, as key factors that make Britain an attractive destination for international trade and investment.

The UK is currently negotiating a Free Trade Agreement (FTA) and Bilateral Investment Treaty with India. Multiple rounds of talks were completed under the previous Conservative government, with the negotiations expected to pick up from the fourteenth round. Reynolds indicated that the UK’s negotiating teams would soon resume discussions, aiming to enhance the GBP 38-billion bilateral trade partnership.

While a timeline for the negotiations has not yet been confirmed, the Department for Business and Trade (DBT) emphasized that Reynolds’ remarks reflect a strong commitment to finalizing the India-UK FTA.

Reynolds also emphasized Britain’s attractiveness to global investors, saying, "Under this new government, Britain is truly the best place to do business." The DBT confirmed that nearly 38,000 new jobs will be created across the UK following the announcement of GBP 63 billion in new investment secured during the summit.
Chancellor Rachel Reeves expressed optimism about the British economy, stating that the investments announced at the summit will drive growth, create new jobs, and improve living standards across the UK. She is set to deliver Labour’s first Budget statement later this month.

Meanwhile, the newly launched Industrial Strategy green paper aims to engage stakeholders in shaping Labour's industrial policy. Clare Barclay, CEO of Microsoft UK, has been appointed chair of the Industrial Strategy Advisory Council, which will work with various sectors to develop an inclusive and forward-looking industrial plan.

Source-PTI