India FTA offers competitive advantage to UK in advanced manufacturing
The free trade agreement (FTA) negotiations concluded with India puts the United Kingdom at 'a genuine competitive advantage' in the advanced manufacturing sectors like automotive and machinery, UK secretary of state for business and trade Jonathan Reynolds told the House of Commons recently.
'This trade agreement is a huge economic win for the UK—the biggest trade deal since Brexit and the best deal that India has ever offered. As we have heard, it is estimated to increase bilateral trade by £25.5 billion (~$34.63 billion), UK GDP [gross domestic product] by £4.8 billion and wages by £2.2 billion each year in the long run. It will mean new opportunities for businesses in every part of the United Kingdom," Reynolds said during a debate on the bilateral FTA agreed last month.
The FTA with India puts the UK at 'a genuine competitive advantage' in the advanced manufacturing sectors like automotive and machinery, UK secretary of state for business and trade Jonathan Reynolds told the House of Commons recently. “…It is estimated to increase bilateral trade by £25.5 billion (~$34.63 billion), UK GDP by £4.8 billion and wages by £2.2 billion each year in the long run,†he said.
India is traditionally a protectionist economy and the world's fastest growing big economy, he noted. 'Whether it is for goods or services….or the West Midlands as a whole, there is so much good stuff here to celebrate,' the minister said.
The UK-India Week begins next week as part of the annual India Global Forum (IGF) summit in London and Indian minister of commerce and industry Piyush Goyal is scheduled to address the forum. It will also mark the launch of the 2025 edition of the India Meets Britain Tracker', which analyses the investment flows by Indian companies into the United Kingdom.
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