UK Trade Secretary Jonathan Reynolds to visit India in Feb to finalise FTA talks

London, Jan 27 (PTI) Britain's Secretary of State for Business and Trade, Jonathan Reynolds, on Monday revealed plans to visit India next month with a focus on finalising the Free Trade Agreement (FTA) negotiations as part of the UK government’s ambition to elevate the bilateral partnership across all sectors.

Addressing India Global Forum’s (IGF) annual UK-India Parliamentary Lunch at the House of Lords complex in London, Reynolds highlighted the strength of the bilateral trading relationship which stood at GBP 41 billion in the year until September 2024.

However, the Cabinet minister went on to reaffirm the British government’s commitment to improve trade between India as the fifth and the UK as the sixth largest economies of the world.

“I want to reaffirm the UK's commitment to deliver growth for both countries through the trade deal that we're talking about, through the Comprehensive Strategic Partnership and the Technology Security Initiative; and I can let you know exclusively, I hear what you say about urgency, [that] I've just been finalising my own visit to India next month to make sure we proceed on that basis,” said Jonathan Reynolds.

The visit comes against the backdrop of British Prime Minister Keir Starmer announcing an early 2025 relaunch of UK-India FTA talks, stalled by general elections in both countries last year. The announcement followed his meeting with Prime Minister Narendra Modi on the sidelines of the G20 Summit in Brazil last November.

“I believe a comprehensive FTA and Bilateral Investment Treaty would be important to the UK, but I also believe it would show the world India is serious about its relationships to global trade, strengthening supply chains with trusted partners and delivering substantial mutual benefits for business and consumers across both countries. And, the rest of the world would stand up and take notice of an agreement of that kind,” said Reynolds.

“India is a top priority partner for the UK, and we want to elevate that ambition across all aspects of our relationship, but also to take it to new heights,” he added.

The Secretary of State in the UK’s Department for Business and Trade (DBT) also welcomed the launch of a new report by IGF’s UK-India Future Forum (UKIFF), entitled ‘Sentiment to Success – Future-proofing the UK India Partnership’, as a review of the areas of progress along with immediate and actionable strategies to energise the bilateral partnership.

“The world is at a tipping point, and sentiment alone won’t sustain relationships in this era of uncertainty. The UK-India partnership must pivot from nostalgia to action, leveraging India’s rising global influence and the UK’s unmatched expertise,” said IGF Chairman Manoj Ladwa.

Co-hosted with the High Commission of India in the UK, the annual event brought together leading figures from the world of politics, business, finance and technology within the India-UK corridor.

It was followed by roundtable discussions on UK-India defence collaboration, reforming governance with technology, quantum as an emerging technology for growth, pharmaceuticals and pandemic preparedness, and decarbonisation in England’s Northwest led by Essar Energy Transition (EET).

“I think we do sit at an interesting geopolitical hinge moment. It's as much a geo-economic hinge moment, as it is geopolitical. It is important, therefore, for us to move quickly with partners of choice; and our leadership in both countries has made it abundantly clear that this is a partnership of choice,” Vikram Doraiswami, Indian High Commissioner to the UK, said in his address.

British Indian peer Lord Jitesh Gadhia, co-host of the parliamentary event, added: “If this lunch has one key objective, then it is to re-energise and renew our commitment to unlocking the full potential from the UK and India working ever more closely together.” PTI AK SCY SCY

Source: PTI