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Time of India
21-05-2025
- Business
- Time of India
Trading with India will be 'quicker, cheaper, easier' post-FTA, says UK
It will be "quicker, cheaper and easier" for British companies to trade with India as a result of the bilateral Free Trade Agreement (FTA) struck earlier this month, the UK government said on Wednesday. Business and Trade Secretary Jonathan Reynolds described the FTA as the "best deal India has ever agreed to" as he convened a revamped advisory board for its first meeting, tasked with boosting exports to grow the UK economy. The Board of Trade, made up of UK business experts, is charged with delivering targeted support for small businesses across the country and helping firms utilise the exporting opportunities from the UK's recent FTAs - with the India pact followed by a US deal. "Today marks the beginning of a new chapter for British trade. This Board isn't just a talking shop - it's a hands-on, dynamic force that will help businesses of every size access global markets and seize the opportunities created by our landmark trade deals," said Reynolds, who concluded the UK-India FTA negotiations during Commerce and Industry Minister Piyush Goyal's visit to London earlier this month. "We've already secured the best deal India has ever agreed to, and our US agreement has slashed tariffs for our steel and automotive sectors, protecting hundreds of thousands of British jobs," he said. The Department for Business and Trade (DBT) said its India trade deal is expected to be a "shot in the arm" for the UK's exports of whiskies and gin, cosmetics, medical devices, advanced machinery and lamb and is expected to increase bilateral trade by an estimated GBP 25.5 billion a year in the long term. Live Events "Trading with India will be quicker, cheaper, and easier thanks to improved customs processes and by promoting digital systems, which will be particularly important for SMEs (small and medium enterprises) who may have otherwise been unable to break into the Indian market," DBT said. The UK-India FTA has been dubbed a "landmark trade deal", worth GBP 4.8 billion annually to the UK economy by 2040 as a result of "slashed tariffs across the board". "The UK-India Free Trade Agreement is a significant achievement that will create new opportunities for UK and Indian businesses, enable greater access to one of the world's largest and most dynamic markets, and drive growth and innovation across the UK-India corridor," said Bill Winters, Group Chief Executive of Standard Chartered and Co-Chair of the UK-India Financial Partnership. "The UK exported nearly GBP 300 million worth of food and drink to India in 2024, so this FTA represents a significant opportunity for British food and soft drinks," said Karen Betts, Chief Executive of the UK's Food and Drink Federation. "The FTA will also provide UK manufacturers with greater access to ingredients produced in India, strengthening the supply chain resilience and competitiveness for our sector," she said. According to DBT, Wednesday's first meeting of the Board of Trade comes as part of a wider series of measures to boost the number of high-growth SMEs across the UK. The high-profile group, made up of popular entrepreneur Mike Soutar, BT Group Chief Executive Allison Kirkby and Small Business Britain founder Michelle Ovens as ambassadors and advocates for British businesses, set about to unpick the "breakthroughs with both India and the United States". "It is encouraging to see new deals struck in recent weeks and a real boost to energy and ambition. Almost all businesses in the UK are small businesses, and they have a major impact on the economy, employing millions and creating and supporting communities," said Ovens. The board will advise on the delivery of the government's forthcoming 'Trade Strategy' and 'Small Business Strategy', to ensure both align with the economic growth agenda to raise living standards across all parts of the UK. It also comes close on the heels of the US trade deal with President Donald Trump, which the Prime Minister Keir Starmer led government says will protect jobs in the automotive, steel, aluminium, pharmaceutical and aerospace sectors - employing over 320,000 people across the UK.
North Wales Live
12-05-2025
- Automotive
- North Wales Live
Major changes to driving laws could be introduced affecting all motorists
Major overhauls of the UK's driving regulations are on the cards. The DVSA is being asked to join forces with road users as anticipations grow for alterations to tyre laws, empowering Trading Standards to take significant action. The Transport Secretary and the Business and Trade Secretary are being asked to overhaul of policies governing the trade of pre-used tyres. According to Auto Express, there's an ongoing campaign urging the Labour-led administration "to beef up regulations around the standards expected of part-worn tyre retailers, through an officially backed accreditation scheme for retailers." The automotive journal warns: "This would offer consumers a level of quality and service that's all-too-often missing in the market today, and while it would potentially increase costs to customers a little, it would also greatly improve peace of mind." For money-saving tips, sign up to our Money newsletter here Pressing appeals have been directed at Transport Secretary Heidi Alexander and Business and Trade Secretary Jonathan Reynolds for an expeditious revision of the rules surrounding the commerce of second-hand tyres amid a thriving industry, as reported by Birmingham Live, reports Yorkshire Live. Meanwhile, an individual from the Chartered Trading Standards Institute (CTSI) has remarked: "Consumer data and intelligence show that this is not an area where there have been many complaints in comparison to other competing demands." The DVSA has confirmed their commitment to road safety, stating: "However, we work closely with relevant local Trading Standards offices to carry out intelligence-led investigations into the sale of part-worn tyres and to address evidence of non-compliance." They further clarified their role by adding: "DVSA ensures tyres have basic safety checks as part of inspections through the MoT test and roadside enforcement." Ruth Cadbury, chair of the Transport Select Committee, raised concerns about tyre safety on UK roads, citing alarming statistics: "Defective tyres are contributing to a growing number of serious incidents on our roads. "Department for Transport data shows that 384 such incidents were recorded in 2023, the highest number in four years. Indeed, 13 people were tragically killed in that year." She called for decisive action against the sale of substandard tyres: "Clamping down on traders selling part-worn tyres that aren't up to standard would help reduce this alarming rise. "It is vital that local-authority Trading Standards teams are equipped with both the expertise and the resources to investigate and help reduce the risk to life or of serious injury." Echoing her sentiments, Andy MacNae, MP for Rossendale and Darwen and the new chair of the all-party parliamentary group for transport safety (PACTS), emphasised the importance of ensuring the safety of part-worn tyres: "While there's a market for part-worn tyres, we have to make sure that those sold are safe and don't put customers and others on the road at risk. "This is something I hope the Government looks seriously at in their upcoming Road Safety Strategy."
Channel 4
08-05-2025
- Business
- Channel 4
Trade deals require ‘give and take' says business secretary
We spoke to Business and Trade Secretary Jonathan Reynolds, and asked him what he thought of the Conservative Leader Kemi Badenoch saying the UK has been 'shafted'.
Daily Record
07-05-2025
- Automotive
- Daily Record
'Every single driver' warned as your tyres may be from a scrapyard
Auto Express has written to Transport Secretary Heidi Alexander and Business and Trade Secretary Jonathan Reynolds, calling for "an immediate review of the regulations around the sale of part-worn tyres" Car safety specialists are calling for legal reforms after discovering that UK drivers are using part-worn tyres sourced from scrapyards in Northern Europe. In response, Auto Express has launched an appeal to Minister of State for Transport Heidi Alexander and Business and Trade Secretary Jonathan Reynolds, demanding "an immediate review of the regulations around the sale of part-worn tyres". An estimated 8 million such tyres may be sold in the UK annually, with many being imported en masse from northern Europe. These often come from old or scrapped vehicles. Auto Express's exclusive 'mystery shop' investigation has revealed several safety concerns. The existing regulations require sellers of part-worn tyres in the UK to ensure the absence of significant damage, ensuring the tyre's ability to be fully inflated as per manufacturer specifications, and maintain a minimum tread depth of no less than 2mm. Many tyres being sold without markings they must have Additionally, they must permanently inscribe the term 'PART WORN' in capital letters, at least 4mm high, on the tyre and include an appropriate 'E' mark to signify compliance with European standards. However, an Auto Express investigation, conducted in association with TyreSafe, a tyre safety awareness organisation, discovered that numerous part-worn tyres are being sold without the legally required markings. In addition, they say they have not been adequately inspected, and in some instances exhibit signs of significant internal damage. Such defects can result in handling problems or blow-outs, greatly endangering both motorists and other road users, reports Plymouth Live. Consumer editor Chris Rosamond said: "Our investigation has shown that there are serious issues with part-worn tyres, that current regulations are being ignored on a wide scale - a recent TyreSafe investigation targeted at suspect retailers found that 94% of the part-worn tyres inspected were being sold illegally, and over 60% were dangerous - yet enforcement is practically non-existent. This is an issue that affects every single road user, because, while you might not buy potentially dodgy used tyres, your life could be negatively impacted by someone else who has. It's time for the Government to step in." Accreditation scheme must be set up Auto Express is calling for the establishment of an official accreditation scheme for retailers to elevate industry standards and offer customers reassurance, alongside stronger enforcement and supervision, suggesting a role for the DVSA to support overburdened local Trading Standards offices. Mr Rosamond added: "Firstly, we are asking for the introduction of an officially backed accreditation scheme for part-worn retailers that includes a minimum level of qualification for tyre fitters and/or quality checkers. "This one change would offer consumers a guarantee of quality and service that's absent in the market today, and we believe accreditation would also help to encourage investment in a strong and stable part-worn retail sector as a valuable player in the UK's transition to a circular economy. "Second, we want to see more vigorous and proactive intervention from the authorities to crack down on offenders who ignore part-worn tyre regulations altogether, including those selling online. "That means greatly increased monitoring and oversight, and stiffer penalties for those who continue to put the lives of all road users at risk by selling potentially dangerous tyres to unsuspecting drivers." While Auto Express does not call for a complete ban on part-worn tyres - recognising that motorists require affordable choices - it highlights that insufficient regulation and lax supervision are compromising safety. Mr Rosamond said: "Cash-strapped drivers are still reeling from the cost-of-living crisis, and with the price of new tyres up 50% in just five years many drivers feel forced into cut-price, and potentially dangerous, alternatives. We're not against part-worn sales in principle, but the risks are real. Without appropriate market oversight and enforcement, purchasing part-worn tyres can be a perilous risk - with unknown history, concealed damage, and the chance of failure. What may seem like an immediate saving could end up costing dearly in the long run."
Indian Express
06-05-2025
- Business
- Indian Express
Long-delayed Free trade Agreement: Amid Trump tariff pressure, India-UK bridge divide after ‘round-the-clock negotiations'
India and the UK appeared close to signing a trade deal on several occasions—first under former UK Prime Minister Boris Johnson, who had set a Diwali 2022 deadline, and later under Indian-origin British Prime Minister Rishi Sunak—but the agreement was ultimately concluded against the backdrop of tariff pressures from US President Donald Trump. A statement released by the UK suggested that the agreement was finalised after 'round-the-clock negotiations' that continued until last week, when Business and Trade Secretary Jonathan Reynolds and Commerce Minister Piyush Goyal held the final round of talks in London. Negotiations had first begun in 2013 but were abandoned due to differences. Despite continuing differences on environmental and labour-related issues, both countries seized a historic geopolitical opportunity—amid growing anti-China sentiment in the West and India's increasing openness to integrating more fully into global supply chains, something that India lagged a decade ago. The India–UK agreement is particularly significant as it marks India's first full-fledged trade deal with a Western nation. While India has signed a partial agreement with Australia, negotiations for a comprehensive deal have yet to be concluded. The Trump-era tariffs have reignited political momentum for trade agreements. Trade deals are now increasingly viewed through a geo-strategic lens, with greater involvement from the Ministry of External Affairs and the Prime Minister's Office—apparently aimed at countering China and positioning India as an alternative manufacturing hub. Indian government officials have said the UK deal will better position India to negotiate an FTA with the European Union, which could offer broader benefits—not only for labour-intensive sectors but also for industrial goods. The UK deal comes at a time when US tariffs on Chinese imports have surged to record highs. However, the US is not alone in seeking to reduce import dependence on China; the UK and EU have also introduced a range of anti-dumping measures to protect their domestic markets. India signalling openness to trade deals amid US–China tensions could help attract greater foreign investment, as global supply chains are being realigned in response to US tariffs. Richard Baldwin, Professor of International Economics at IMD Business School, told The Indian Express that as the US and China drift apart in a tariff war, third countries such as India are becoming more attractive trade partners. 'The EU is increasingly interested in signing agreements with India,' he said. 'Remember, the US accounts for less than 15 per cent of world imports—85 per cent of the global market remains accessible. Maintaining access through smart FTAs while managing dumping risks is crucial,' he added. The trade deal with the UK is particularly significant for India's rapidly growing services sector, as integration with the UK—where 80 per cent of output comes from services—could boost India's growth. However, the fine print of the deal will provide a more accurate picture.
