Latest news with #UKDepartmentforBusinessandTrade
Mint
24-07-2025
- Business
- Mint
Modi in London: ‘Major win' for jobs and growth, says Keir Starmer on 'landmark' India-UK trade deal
PM Modi in London: British Prime Minister Keir Starmer said on Thursday that the 'landmark' Free Trade Agreement (FTA) that he is set to sign with his Indian counterpart, Narendra Modi, is a 'major win' for jobs and growth, as tariff cuts will lower prices on clothes, shoes, and food products. In a statement ahead of his much-anticipated bilateral talks with Modi at his country residence of Chequers on Thursday, Starmer also announced that nearly GBP 6 billion in new investment and export developments had been clinched as Indian firms expand their operations in the UK and British companies secure new business opportunities in India. The two leaders are also set to sign a renewed Comprehensive and Strategic Partnership, which will see closer collaboration on defence, education, climate, technology and innovation. 'Our landmark trade deal with India is a major win for Britain,' said Starmer. PM Modi landed in London on Wednesday, local time to expand bilateral ties in defence, trade, and technology. The formalisation of the landmark India-UK free trade deal is set to be a major outcome of his trip. PM Modi will hold wide-ranging talks with Starmer, today. The talks are expected to focus on imparting new momentum in the strategic ties between the two countries. 'It will create thousands of British jobs across the UK, unlock new opportunities for businesses and drive growth in every corner of the country, delivering on our Plan for Change,' Starmer added. 'We're putting more money in the pockets of hardworking Brits and helping families with the cost of living, and we're determined to go further and faster to grow the economy and raise living standards across the UK,' said Starmer. According to the UK Department for Business and Trade (DBT), once the FTA comes into force, India's average tariff on UK products will drop from 15 per cent to 3 per cent. This will make it easier for British companies to sell products to India, from soft drinks and cosmetics to cars and medical devices. Whisky producers will benefit from tariffs slashed in half, reduced immediately from 150 per cent to 75 per cent and then dropped even further to 40 per cent over the next 10 years – giving the UK an advantage over international competitors in reaching the Indian market, the DBT said. 'The billions brought to our economy from the trade deal signed today will reach all regions and nations of the UK so working people in every community can feel the benefits,' said UK Business and Trade Secretary Jonathan Reynolds. 'The almost GBP 6 billion in new investment and export wins announced today will deliver thousands of jobs and show the strength of our partnership with India as we ensure the UK is the best place in the world to invest and do business,' he said. Official statistics show the UK already imports GBP 11 billion in goods from India, with liberalised tariffs set to make it easier and cheaper to acquire products. For businesses, this could mean potential savings when importing components and materials used in areas such as advanced manufacturing or luxury and consumer goods. New analysis published along with the FTA claims in every region of the United Kingdom will benefit from an estimated GBP 4.8 billion increase to UK GDP each year in the long term. Sectors in the spotlight include manufacturing, set to benefit from tariff cuts on aerospace (11 per cent reduced to 0), automotives (110 per cent down to 10 per cent under a quota) and electrical machinery (down from 22 per cent down). Tariff cuts combined with a reduction in regulatory barriers to bilateral trade are estimated to increase UK exports to India by nearly 60 per cent in the long run – equivalent to an additional GBP 15.7 billion of UK exports to India when applied to projections of future trade in 2040, the DBT said. The official figures forecast an increase in bilateral trade by nearly 39 per cent in the long run, equivalent to GBP 25.5 billion a year, when compared to 2040 projected levels of trade in the absence of an agreement. The clean energy industry will have 'brand new, unprecedented access' to India's vast procurement market as the country makes the switch to renewable energy and continues to see growing energy demand. 'For financial and professional business services, locked in access will offer certainty to expand in India's growing market and measures such as binding India's foreign investment cap for the insurance sector, ensuring UK financial services companies are treated on an equal footing with domestic suppliers,' the DBT said. Meanwhile, 26 British companies are said to have secured new business in India, with Airbus and Rolls-Royce set to soon begin delivering Airbus aircraft – with over half powered by Rolls-Royce engines. The billions brought to our economy from the trade deal signed today will reach all regions and nations of the UK.
Mint
24-07-2025
- Business
- Mint
Modi in London: ‘Major win' for jobs and growth, says Keir Starmer on 'landmark' India-UK trade deal
PM Modi in London: British Prime Minister Keir Starmer said on Thursday that the 'landmark' Free Trade Agreement (FTA) that he is set to sign with his Indian counterpart, Narendra Modi, is a 'major win' for jobs and growth, as tariff cuts will lower prices on clothes, shoes, and food products. In a statement ahead of his much-anticipated bilateral talks with Modi at his country residence of Chequers on Thursday, Starmer also announced that nearly GBP 6 billion in new investment and export developments had been clinched as Indian firms expand their operations in the UK and British companies secure new business opportunities in India. The two leaders are also set to sign a renewed Comprehensive and Strategic Partnership, which will see closer collaboration on defence, education, climate, technology and innovation. 'Our landmark trade deal with India is a major win for Britain,' said Starmer. PM Modi landed in London on Wednesday, local time to expand bilateral ties in defence, trade, and technology. The formalisation of the landmark India-UK free trade deal is set to be a major outcome of his trip. PM Modi will hold wide-ranging talks with Starmer, today. The talks are expected to focus on imparting new momentum in the strategic ties between the two countries. 'It will create thousands of British jobs across the UK, unlock new opportunities for businesses and drive growth in every corner of the country, delivering on our Plan for Change,' Starmer added. 'We're putting more money in the pockets of hardworking Brits and helping families with the cost of living, and we're determined to go further and faster to grow the economy and raise living standards across the UK,' said Starmer. According to the UK Department for Business and Trade (DBT), once the FTA comes into force, India's average tariff on UK products will drop from 15 per cent to 3 per cent. This will make it easier for British companies to sell products to India, from soft drinks and cosmetics to cars and medical devices. Whisky producers will benefit from tariffs slashed in half, reduced immediately from 150 per cent to 75 per cent and then dropped even further to 40 per cent over the next 10 years – giving the UK an advantage over international competitors in reaching the Indian market, the DBT said. 'The billions brought to our economy from the trade deal signed today will reach all regions and nations of the UK so working people in every community can feel the benefits,' said UK Business and Trade Secretary Jonathan Reynolds. 'The almost GBP 6 billion in new investment and export wins announced today will deliver thousands of jobs and show the strength of our partnership with India as we ensure the UK is the best place in the world to invest and do business,' he said. Official statistics show the UK already imports GBP 11 billion in goods from India, with liberalised tariffs set to make it easier and cheaper to acquire products. For businesses, this could mean potential savings when importing components and materials used in areas such as advanced manufacturing or luxury and consumer goods. New analysis published along with the FTA claims in every region of the United Kingdom will benefit from an estimated GBP 4.8 billion increase to UK GDP each year in the long term. Sectors in the spotlight include manufacturing, set to benefit from tariff cuts on aerospace (11 per cent reduced to 0), automotives (110 per cent down to 10 per cent under a quota) and electrical machinery (down from 22 per cent down). Tariff cuts combined with a reduction in regulatory barriers to bilateral trade are estimated to increase UK exports to India by nearly 60 per cent in the long run – equivalent to an additional GBP 15.7 billion of UK exports to India when applied to projections of future trade in 2040, the DBT said. The official figures forecast an increase in bilateral trade by nearly 39 per cent in the long run, equivalent to GBP 25.5 billion a year, when compared to 2040 projected levels of trade in the absence of an agreement. The clean energy industry will have 'brand new, unprecedented access' to India's vast procurement market as the country makes the switch to renewable energy and continues to see growing energy demand. 'For financial and professional business services, locked in access will offer certainty to expand in India's growing market and measures such as binding India's foreign investment cap for the insurance sector, ensuring UK financial services companies are treated on an equal footing with domestic suppliers,' the DBT said. Meanwhile, 26 British companies are said to have secured new business in India, with Airbus and Rolls-Royce set to soon begin delivering Airbus aircraft – with over half powered by Rolls-Royce engines. The billions brought to our economy from the trade deal signed today will reach all regions and nations of the UK. During the talks, both nations will also agree to strengthen cooperation in tackling corruption, serious fraud, organised crime and irregular migration through enhanced intelligence sharing and operational collaboration.
India Today
24-07-2025
- Business
- India Today
Landmark trade deal with India a massive win: UK's Starmer on PM Modi's visit
British Prime Minister Keir Starmer has said the "landmark" Free Trade Agreement (FTA) that he is set to sign with his Indian counterpart Narendra Modi is a "major win" for jobs and growth, as tariff cuts bring in cheaper prices on clothes, shoes and food a statement ahead of his much-anticipated bilateral talks with PM Modi at his country residence of Chequers on Thursday, Starmer also announced that nearly GBP 6 billion in new investment and export developments had been clinched as Indian firms expand their operations in the UK and British companies secure new business opportunities in leaders are also set to sign a renewed Comprehensive and Strategic Partnership, which will see closer collaboration on defence, education, climate, technology and innovation. "Our landmark trade deal with India is a major win for Britain," said Starmer."It will create thousands of British jobs across the UK, unlock new opportunities for businesses and drive growth in every corner of the country, delivering on our Plan for Change," he added."We're putting more money in the pockets of hardworking Brits and helping families with the cost of living, and we're determined to go further and faster to grow the economy and raise living standards across the UK," said to the UK Department for Business and Trade (DBT), India's average tariff on UK products will drop from 15 per cent to 3 per cent once the FTA comes into force. It will mean British companies selling products to India, from soft drinks and cosmetics to cars and medical devices, will find it easier to sell to the Indian producers will benefit from tariffs slashed in half, reduced immediately from 150 per cent to 75 per cent and then dropped even further to 40 per cent over the next 10 years - giving the UK an advantage over international competitors in reaching the Indian market, the DBT said."The billions brought to our economy from the trade deal signed today will reach all regions and nations of the UK so working people in every community can feel the benefits," said UK Business and Trade Secretary Jonathan Reynolds."The almost GBP 6 billion in new investment and export wins announced today will deliver thousands of jobs and show the strength of our partnership with India as we ensure the UK is the best place in the world to invest and do business," he statistics show the UK already imports GBP 11 billion in goods from India, with liberalised tariffs set to make it easier and cheaper to acquire products. For businesses, this could mean potential savings when importing components and materials used in areas such as advanced manufacturing or luxury and consumer analysis published along with the FTA claims in every region of the United Kingdom will benefit from an estimated GBP 4.8 billion increase to UK GDP each year in the long term. Sectors in the spotlight include manufacturing, set to benefit from tariff cuts on aerospace (11 per cent reduced to 0), automotive (110 per cent, down to 10 per cent under a quota) and electrical machinery (down from 22 per cent).advertisementTariff cuts combined with a reduction in regulatory barriers to bilateral trade are estimated to increase UK exports to India by nearly 60 per cent in the long run - equivalent to an additional GBP 15.7 billion of UK exports to India when applied to projections of future trade in 2040, the DBT official figures forecast an increase in bilateral trade by nearly 39 per cent in the long run, equivalent to GBP 25.5 billion a year, when compared to 2040 projected levels of trade in the absence of an clean energy industry will have "brand new, unprecedented access" to India's vast procurement market as the country makes the switch to renewable energy and continues to see growing energy demand."For financial and professional business services, locked in access will offer certainty to expand in India's growing market and measures such as binding India's foreign investment cap for the insurance sector, ensuring UK financial services companies are treated on an equal footing with domestic suppliers," the DBT 26 British companies are said to have secured new business in India, with Airbus and Rolls-Royce set to soon begin delivering Airbus aircraft - with over half powered by Rolls-Royce the talks, both nations will also agree to strengthen cooperation in tackling corruption, serious fraud, organised crime and irregular migration through enhanced intelligence sharing and operational collaboration.- EndsMust Watch
News18
24-07-2025
- Business
- News18
PM Starmer Calls India-UK FTA 'Major Win' Ahead Of Signing, Unveils GBP 6 Billion In Investments
The agreement, years in the making, marks a pivotal moment in UK-India relations. It includes tariff reductions that will slash import costs on everyday goods such as clothing, British Prime Minister Keir Starmer has hailed the upcoming Free Trade Agreement (FTA) with India as a 'landmark" deal that will boost employment, drive economic growth, and bring down prices for British consumers. As he prepares to sign the FTA alongside Prime Minister Narendra Modi during their bilateral meeting at Chequers on Thursday, Starmer announced nearly GBP 6 billion in new investments and export deals secured through deepening economic ties. The agreement, years in the making, marks a pivotal moment in UK-India relations. It includes significant tariff reductions that will slash import costs on everyday goods such as clothing, footwear, and food. Starmer said, 'Our landmark trade deal with India is a major win for Britain. It will create thousands of British jobs across the UK, unlock new opportunities for businesses, and drive growth in every corner of the country." He added that the FTA would put 'more money in the pockets of hardworking Brits" and help tackle the cost-of-living crisis, while accelerating efforts to grow the economy and raise living standards nationwide. According to the UK Department for Business and Trade (DBT), the average Indian tariff on UK goods will fall from 15% to 3% under the agreement. This will ease market access for British exporters across a wide range of sectors from consumer goods to high-end manufacturing and medical devices. One of the biggest beneficiaries will be the UK whisky industry, with tariffs slashed from 150% to 75% immediately, and then gradually reduced to 40% over the next decade, giving British distillers a competitive edge in the Indian market. The two leaders are also expected to sign a refreshed Comprehensive and Strategic Partnership that will deepen cooperation across defence, education, climate action, technology, and innovation. UK Business and Trade Secretary Jonathan Reynolds emphasised the deal's broad impact: 'The billions brought to our economy from the trade deal signed today will reach all regions and nations of the UK so working people in every community can feel the benefits." He noted that the GBP 6 billion in new investments would directly translate into thousands of jobs and reinforce the UK's position as a leading global investment hub. Currently, the UK imports GBP 11 billion worth of goods from India. With liberalised tariffs, that number is set to grow, cutting import costs for British manufacturers, particularly in advanced engineering, luxury goods, and consumer product sectors. New economic projections released alongside the deal estimate that the FTA will add GBP 4.8 billion to the UK's GDP annually in the long term. Specific gains are expected in manufacturing, with tariffs on aerospace components reduced from 11% to 0%, automotive tariffs lowered from 110% to 10% under a quota system, and electrical machinery duties cut from 22% to zero. The agreement is also expected to boost UK exports to India by nearly 60% in the long run—translating to an additional GBP 15.7 billion by 2040. Bilateral trade overall is projected to rise by 39%, reaching GBP 25.5 billion annually compared to scenarios without the FTA. In the clean energy sector, UK businesses will gain unprecedented access to India's growing renewable energy market, including government procurement opportunities. The financial and professional services sector will benefit as well, with locked-in access and investment security through commitments like binding India's cap on foreign investment in insurance. Twenty-six British firms have already secured new contracts in India under the framework of this strengthened economic partnership. Among them, Airbus and Rolls-Royce are set to begin aircraft deliveries, with over half of the new fleet powered by Rolls-Royce engines. Beyond trade and investment, both nations will also commit to deeper collaboration on law enforcement, tackling corruption, serious fraud, organised crime, and illegal migration through enhanced intelligence sharing and operational cooperation. view comments Location : New Delhi, India, India First Published: July 24, 2025, 07:35 IST News world PM Starmer Calls India-UK FTA 'Major Win' Ahead Of Signing, Unveils GBP 6 Billion In Investments Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
Ya Biladi
02-06-2025
- Business
- Ya Biladi
Morocco and UK sign series of agreements in water, energy, health, and education sectors
During the UK Foreign Secretary's visit to Morocco, which concluded with the UK endorsing Morocco's autonomy plan for the Sahara as the most credible solution to the conflict, a series of landmark agreements were signed with Foreign Minister Nasser Bourita to strengthen cooperation across critical sectors and drive mutual growth and innovation. One of the key agreements is a government-to-government partnership between the UK Department for Business and Trade and Morocco's Ministry of Budget, aimed at supporting critical infrastructure projects ahead of the 2030 World Cup, reads a joint press release on Sunday. In the water and ports sector, a Memorandum of Understanding (MoU) was signed between the UK Department for Business and Trade and Morocco's Ministry of Equipment and Water, focusing on enhancing collaboration in sustainable water management, smart logistics, and green port technologies. For sustainable infrastructure, an agreement with Morocco's Ministry of Interior will facilitate partnerships on water management, waste management, and urban mobility solutions. In the field of trade and procurement, an MoU was signed with Morocco's Ministry of Industry and Trade to promote procurement cooperation, building on record trade volumes under the UK-Morocco Association Agreement. In education and innovation, the two countries signed an MoU to advance cooperation in higher education, scientific research, and innovation. Healthcare was another key focus, with an MoU between the UK and Morocco's Ministry of Health to support Morocco's healthcare transformation programme. This collaboration also includes work with Rabat-based Medical equipment manufacturing company Vicenne to introduce UK digital health solutions into the Moroccan market and a partnership with the Mohammed VI Foundation of Health and Science to promote UK expertise in medical equipment, hospital design, and academic partnerships. In the energy and climate sector, several agreements were signed. These include an MoU between UK Export Finance (UKEF) and SGTM to explore partnership opportunities in Morocco and across Africa, an MoU between UKEF and TAQA Morocco to support the transition to a low-carbon power generation portfolio and enhance Morocco's competitiveness, and a climate collaboration MoU between the UK Met Office and Morocco's Meteorological Office, focusing on climate services and environmental cooperation. In aviation, the Moroccan Airports Authority has been invited to visit the UK to explore partnership opportunities, as Morocco undertakes a major airport transformation programme.
