On 4th May 2021, Prime Minister Modi and Prime Minister Johnson met virtually to announce an agreed common vision of a new and transformational Comprehensive Strategic Partnership between the UK and India.
They adopted an ambitious India-UK Roadmap to 2030 which will provide a framework for UK-India relations to steer cooperation for the next ten years, emphasizing that enhanced India-UK bilateral cooperation can not only reap mutual benefits but also be a global force for good to revive lives and livelihoods, promote peace and prosperity around the world and protect and preserve the planet for future generations.
Both leaders welcomed the launch of the Enhanced Trade Partnership and announced their intent to negotiate a comprehensive Free Trade Agreement (FTA) to unlock the full potential of their trade and commercial relationship, boosting jobs, investment and exports, including consideration of an Interim Trade Agreement to deliver early gains. They agreed to continue removing trade barriers on the path to an FTA, and an ambitious target of more than doubling UK-India trade by 2030.
Following the announcement of the Enhanced Trade Partnership (ETP), in preparedness of the FTA, Trade Secretary Liz Truss has launched a 14-week consultation to seek the views of the public and business.
The UK wants a deal that slashes barriers to doing business and trading with India’s £2 trillion economy and market of 1.4 billion consumers. This includes removing tariffs of up to 150% on whisky and 125% on British-made cars.
Wide input from consumers and businesses across all sectors will help the UK craft a deal that includes closer cooperation in future-focused industries such as science, technology and services, creating high-value jobs across the country. The UK also aims to make it easier for services firms to operate in the Indian market, boosting the UK’s status as an international services hub. India’s growing middle-income population and highly connected youth will be the target consumers for the type of goods and services the UK excels in.
We’re keen to gather the views of our members and ensure that the voices of Greater Manchester’s businesses are heard and taken into consideration for the FTA. If you trade with India or if India is a market that you are keen to do more business with, please email Nicole.Strickland@manchesterindiapartnership.com to find out more around how you can feed into the FTA consultation.
Need help trading with India?
GMCC Trade team works closely with Market Experts in India who can help you navigate this high growth market. Simply email us at email@example.com for more information and support.