UK's global trade outlook sees India becoming third-largest economy by 2028; British businesses eye tariff cuts worth £900 million
NEW DELHI: As India emerges as the "standout growth engine" of Asia, the UK government has placed the India-UK Free Trade Agreement (FTA) at the centre of its new trade strategy and global economic outlook, projecting it as a key tool to unlock billions in growth and provide a major edge to British businesses over global competitors.
Unveiled on Thursday by the department for business and trade (DBT), the 'UK's Trade Strategy' and 'Global Trade Outlook 2025' outline a renewed focus on strategic FTAs, with India identified as a core driver of future prosperity.
'Asia's centre of growth is expected to shift from China to India,' the report states, forecasting India to become the third-largest economy by 2028.
India-UK FTA: A 'landmark deal'
The agreement, concluded early last month and expected to be formally signed by the end of August, is being hailed as 'transformative'.
Once in effect, the FTA will offer immediate tariff relief of up to £400 million a year for UK exporters, potentially rising to £900 million over a decade.
These gains are before factoring in faster customs procedures and digital trade facilitation. Key UK exports such as whisky, cosmetics, and medical devices will see Indian tariffs slashed, while 90% of tariff lines for UK exports will be locked in for long-term relief.
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The FTA is also expected to increase bilateral trade by £25.5 billion, raise UK GDP by £4.8 billion, and boost wages by £2.2 billion annually in the long run.
A new trade playbook
'What works for business, works for Britain,' said Prime Minister Keir Starmer, highlighting the India deal among others with the US and EU. 'Broad and complex trade deals like we secured with India will bring billions to our economy every year.'
Business and Trade Secretary Jonathan Reynolds called the India FTA a model of the government's Plan for Change, focused on 'more agile, targeted deals' that cater to high-growth sectors.
Commerce Minister Piyush Goyal confirmed India's readiness to move swiftly once legal formalities conclude. 'We'll be ready as soon as the legal scrubbing is done,' he said during a recent UK visit.
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