Tribune News Service
New Delhi, December 12
UK Trade Secretary Kemi Badenoch arrived here for the sixth round of Free Trade Agreement (FTA) negotiations between the UK and India.
Badenoch will meet Commerce Minister Piyush Goyal, in person for the first time, to strengthen ties between the two countries and reinvigorate talks on an ambitious bilateral trade deal, said a UK government statement.
She will address both teams of senior negotiators ahead of the sixth round of formal negotiations taking place throughout the week.
The talks – the first formal round since July – will target a deal to cut tariffs and open opportunities for UK services such as financial and legal, making it easier for British businesses to sell to an economy set to be the world’s third largest – with a middle class of 250 million people – by 2050.
During her visit, the Trade Secretary will also meet with business leaders to better understand their needs for a modern UK – India trade relationship. This will include a meeting with envoPAP, a UK company investing over £ 10 million in India to construct a plant producing Fairtrade paper and packaging products.
Strong growth in the Indian economy is expected to boost UK exports to India by over £ 9 billion by the middle of the next decade, and UK businesses are already taking advantage of the flourishing trading relationship, said the statement which said UK household name Pret A Manger and fintech pioneers Tide and Revolut are among those expanding in India.
British coffee and sandwich retailer Pret will open its first branch in India early in 2023 following a franchise partnership with Reliance Brands. Mumbai will be the chain’s first branch, as part of a plan to open 100 in total across the country.
Businesses like these could benefit from a reduction in red tape, more affordable cross-border trade, and increased opportunities to work with Indian companies and suppliers thanks to the Free Trade Agreement, said the UK government statement.
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