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The UK and India are set to resume free trade talks following a year-long pause in negotiations due to general elections in both countries. Jonathan Reynolds, the UK’s business and trade secretary, will be meeting with Piyush Goyal, his Indian counterpart, in Delhi to kick off discussions that are expected to last two days. Reynolds emphasized the importance of pursuing a trade deal with India, citing the country’s potential to become the world’s third-largest economy in the near future.
Despite more than a dozen rounds of negotiations since 2022, an agreement between India and the UK has yet to be reached. Key sticking points include high tariffs on Scotch whisky in India and demands to ease fees and visa regulations for Indian students and professionals traveling to the UK. The Labour Party’s recent rise to power in the UK has made securing a trade deal with India a top priority for Reynolds and his government, with a focus on promoting growth in the vibrant Indian market.
The trade talks with the UK hold particular significance for India in light of retaliatory tariffs imposed by US President Donald Trump on imported goods. Prime Minister Narendra Modi’s government views the UK as a crucial trading partner, with ambitious plans to increase exports by $1 trillion by FY30. The two countries currently maintain a trade relationship valued at £41bn ($52bn), and a successful trade deal could open up new opportunities for both nations in sectors such as advanced manufacturing, clean energy, and professional services.
India is advocating for improved mobility for Indian professionals and students in the UK, along with faster visa processing times. The country also seeks concessions for its residents working temporarily in the UK on business visas. As negotiations resume, both countries stand to benefit from a potential trade agreement that could unlock opportunities in various industries, including automotive, whisky, and financial services
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