The International Trade Secretary has arrived in New Delhi to launch negotiations for an ambitious free trade deal with India. This agreement will bring about huge benefits, not just one country's economy but also ours! The potential boost is £28 billion per year--which could mean higher wages across the UK because that money would come from increased sales due this new market opening up access through cheaper prices or greater productivity abroad where they're manufacturing goods instead of simply sending over resources like labour since many things can be produced more efficiently now thanks so much effort going into research & development.
The government has announced that they will be starting negotiations with India to create a trade deal which could potentially lead into other agreements such as Canada and Mexico. This move would add an estimated £8 trillion worth of goods over 10 years, according the UK's International Trade Secretary Anne Marie Trevelyan who visited her Indian counterpart Piyush Goyal this week for talks on beginning formal discussions about how best we might work together.
The UK has reached an agreement with India that will almost double our exports to the country, boost trade by up £28 billion over 20 years and support 95 thousand jobs across Britain. Indian companies are already investing in this country.
UK Trade Secretary, Dr Liam Fox has said that a free trade agreement with India is one of the UK’s top priorities. He believes an accord would be beneficial not only for countries involved but also consumers around world as it would help reduce tariffs on exports from Great Britain such car manufacturers like Jaguar Land Rover or Scottish Whisky producers who have been longing to enter into larger markets like China where they can sell their products at higher prices due to less competition.
A big step forward in this strategy could very well bring about significant changes across all aspects including jobs which depend directly upon international commerce between nations.
Boris Johnson has stated that "A trade deal with India’s booming economy offers huge benefits for British businesses, workers and consumers. As we take our historic partnership with India to the next level, the UK’s independent trade policy is creating jobs, increasing wages and driving innovation across the country."
International Trade Secretary Anne-Marie Trevelyan said "A deal with India is a golden opportunity to put UK businesses at the front of the queue as the Indian economy continues to grow rapidly. By 2050 India will be the world’s third largest economy with a middle class of almost 250 million shoppers. We want to unlock this huge new market for our great British producers and manufacturers across numerous industries from food and drink to services and automotive."
More benefits brought about because of this trade are as follows:
- Playing a key role in our ambition to double trade with India by 2030 - supercharging the growth of our trading relationship which totalled over £23bn in 2019.
- Slashing barriers on UK exports – Removing duties alone would increase exports to India by up to £6.8 billion, supporting tens of thousands of jobs across the UK. Important UK exports like Scotch whisky and cars currently face enormous duties of 150% and 125% respectively.
- Boost UK’s green industries - The Indian government plans to install 175 GW of renewable energy capacity by 2022 and much more in the coming decades. UK’s world-leading renewables industry looks set to benefit from a deal that slashes barriers – such as import tariffs as high as 15% on wind turbine parts from the UK.
- Levelling up the UK – DIT analysis shows a trade agreement with India could boost the economies of all nations and regions of the UK. Almost 30,000 people in the West Midlands, for example, were employed via Indian investment in 2019, and the region could see a massive boost of up to £300m with opportunities for manufacturers of motor vehicles and parts.
