UK-India Free Trade Talks: The newly elected UK government is planning to reinitiate the bilateral trade talks with India as their goal for the country’s economic growth. The new Labour government is negotiating with India for Free Trade Agreements (FTAs) and Bilateral Investment Treaties, as India is on the path of becoming the third-largest economy in the world by 2027. Their FTAs also include four countries of the Gulf Co-operational Council- Israel, South Korea, Switzerland and Turkey. The UK has been under FTA pacts with these countries from the year 2020 when the country left the European Union, but now Britain is aiming at updating the arguments with them.

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 The Imperial Land of Britain has seen the beginning of a significant phase in the nation’s history, as the Labour Party of the UK has come as the government after a long time of 14 years. In the July 4 election, Mr. Keir Starmer and the Labour Party emerged with a landslide victory. Subsequently, Mr Starmer was sworn in as the new Prime Minister of Britain. After coming to power the new government has taken the policy to strengthen the UK businesses and provide it entry to the highly prospering markets around the world. The government has officially stated, “Restarting talks is the first step towards agreeing the high-quality trade deals the UK needs to give businesses access to international markets, boost jobs and deliver that growth,” the government said in a statement.

As per the reports from the Department for Business and Trade (DBT), the first round of trade talks would kick off during the autumn, which is beginning at the end of August. Foreign Secretary of Britain, David Lammy’s visit to India last week to discuss economic and global security has also ensured this upcoming negotiation convention. The possible market in India that is to become the third largest economy in 2027 with an estimated quarter of a billion middle-class customers by 2050 is right now the bird’s eye for a new Labour government. The negotiation of the India-UK FTA started in January 2022 by the then government of the Conservative Party. Now the new Business and Trade Secretary Jonathan Reynolds stated that their new government’s goal is not to sign a deal but to resume the negotiation, from where it was left amidst the election in both countries.

Chairman of Tata Sons Natarajan Chandrasekaran has expressed his delightment for the new Labour Party Government that has moved so quickly to restart trade negotiations with India. Notably, TATA group is the largest international investor in the UK and one of the largest corporations in the world is always in support of something that would be beneficial for both nations’ economies. Every side of the pact is expected to benefit their citizens and the economy.

The Department for Business and Trade (DBT) has said to publish a trade strategy that would describe the new moves of the new government.