United Kingdom's Business and Trade Secretary Jonathan Reynolds on Sunday (Feb 23) flew to Delhi to meet his Indian counterpart Piyush Goyal, aiming to relaunch talks on a UK-India trade deal. The ministers will meet on Monday (Feb 224).

Advertisment

In an official statement, the UK government said that India is forecast to have the highest growth rate in the G20 for the next five years and is set to become the world's third-biggest economy by 2028. 

Also read: Video shows Italian jets escorting Delhi-bound flight to Rome: Here's what we know

The statement added that With an expected 95 million strong middle class by 2035, there are more and more opportunities every day for UK businesses to sell to consumers in India ready to buy British. 

Advertisment

India and the UK are currently negotiating a free trade agreement (FTA) that aims to strengthen economic ties and increase bilateral trade to $100 billion by 2030. 

Also read: German far-right AfD leader calls election result ‘historic’ after exit polls, Weidel calls for CDU alliance

The negotiations, which began in January 2022, have made significant progress, with 19 out of 26 chapters already finalised. 

Advertisment

Some of the contentious issues that need to be resolved include migration and mobility, tariffs and market access, and agriculture. 

India's demand for easier migration of professionals and students to the UK. 

India's textile and leather industries are seeking parity and reduced tariffs to compete with countries like Vietnam and Bangladesh. 

Also, the agriculture sector is seeking predictable and scientific sanitary and phytosanitary measures from the UK.  

"Securing trade deals with massive global economies like India demonstrates the UK’s commitment to free and fair trade and how this Government will support jobs, prosperity, and real change for the British people as part of the Plan for Change," the UK government said in the statement. 

Also read: ‘Pray for me,’ says Pope in message from hospital as he undergoes treatment for double pneumonia

'Top priority for me and this Government': Reynolds

"Securing a trade deal with what is soon-to-be the third biggest economy in the world is a no-brainer, and a top priority for me and this Government. That is why I’m flying to New Delhi with our top negotiating team to show our commitment to getting these talks back on track," said Reynolds in a statement.

Also read: IDF releases footage of September airstrike that killed Nasrallah on day of his funeral 

"Only a pragmatic government can deliver the economic growth and stability that the British public and British businesses deserve, delivering on the Plan for Change," he added. 

"Growth will be the guiding principle in our trade negotiations with India and I’m excited about the opportunities on offer in this vibrant market," Reynolds further said. 

(With inputs from agencies)