UK to resume trade negotiations with India
The trading relationship was valued at £42 billion in the 12 months leading to June, with exports to India amounting to £16.6 billion, as stated by Downing Street.
The UK is set to resume trade talks with India in the new year, confirmed by Downing Street.
The negotiations will cover a trade agreement and enhance collaboration in areas such as education, technology, security, and climate change, according to a statement from the prime minister’s office on Monday.
Officials anticipate that a deal with India, a rapidly growing economy, will bolster British employment. The trading relationship was valued at £42 billion in the 12 months leading to June, with exports to India totaling £16.6 billion, as per Downing Street.
This announcement followed a meeting between Prime Minister Sir Keir Starmer and Indian Prime Minister Narendra Modi at the G20 summit in Rio de Janeiro, Brazil, on Tuesday.
After the meeting, Starmer stated, “Enhancing economic growth is crucial for elevating living standards for the workforce.
“A new trade agreement with India will facilitate jobs and prosperity in the UK, marking progress in our goal of fostering growth and opportunity nationwide.”
UK to Join CPTPP
Business and Trade Secretary Jonathan Reynolds emphasized that India, the fifth largest global economy, is a “crucial” trade partner for the UK.
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“We see significant potential for mutual benefit in this partnership,” Reynolds remarked.
He added, “Whether through reducing Indian tariffs to facilitate British companies in exporting to this dynamic market or enhancing investment that already sustains over 600,000 jobs collectively, securing a deal is paramount to fulfilling this Government’s fundamental objective of promoting economic growth.”
Since Labour secured victory in the July 4 election, negotiations have begun between the new government and other international trade partners, including South Korea, Switzerland, and the Gulf Cooperation Council.
The UK will also become a member of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) by Dec. 15.
CPTPP is a free trade zone encompassing five continents with a combined population of nearly 600 million people. The UK is the first European nation to join and the first since its establishment in 2018.
Starmer Meets With Xi
Starmer’s gathering with Modi is one of several discussions the prime minister is slated to have with global leaders at the G20, where trade is likely to be a central topic.
He also engaged with Japanese Prime Minister Shigeru Ishiba, affirming a shared ambition for the UK-Japan relationship across various sectors, including trade, investment, climate, and security, according to a statement from 10 Downing Street.
Both prime ministers agreed on launching a new Japan-UK Foreign and Trade Ministers’ meeting, which will propel the two nations’ bilateral cooperation on international trade and geopolitical matters.
Prime Minister Sir Keir Starmer (L) during a bilateral meeting with Prime Minister Shigeru Ishiba (R) of Japan at the G20 summit at the Museum of Modern Art in Rio de Janeiro, Brazil, on Nov. 18, 2024. Stefan Rousseau/PA Wire
Additionally, he met with Chinese leader Xi Jinping.
“Given China’s status as the world’s second-largest economy and one of our key trading partners, I anticipate engaging in constructive discussions with the president during our meeting,” the prime minister stated.
Critics of the Chinese Community Party (CCP) and advocates for human rights have urged Starmer to address human rights violations in China, including against minority groups such as the Uyghur Muslims, and the unlawful imprisonment of Hong Kong businessman and British citizen Jimmy Lai.
Prime Minister Sir Keir Starmer (L) during a bilateral meeting with Chinese regime leader Xi Jinping (R) at the Sheraton Hotel as he attends the G20 summit in Rio de Janeiro, Brazil, on Nov. 18, 2024. Stefan Rousseau/PA Wire
During the meeting, Starmer praised UK Foreign Secretary David Lammy and Chinese Foreign Minister Wang Yi for their recent discussions on respective concerns, including human rights, parliamentary sanctions, Taiwan, the South China Sea, and shared interests in Hong Kong.
