As an entrepreneur deeply committed to fostering international collaboration, I am heartened by the announcement of the relaunch of trade talks between the United Kingdom and India in the new year. This initiative, as highlighted by Prime Minister Keir Starmer during the G20 summit in Brazil, signifies a pivotal moment for both nations.
The United Kingdom and India share a rich history of economic and cultural ties. In the 12 months leading up to June 2024, our bilateral trade was valued at £42 billion, with UK exports to India accounting for £16.6 billion. This substantial exchange underscores the mutual benefits that a strengthened partnership can bring.
India’s rapid economic ascent, marked by its burgeoning population, urbanisation, and significant infrastructure investments, presents vast opportunities for UK businesses. Sectors such as civil engineering, services, consumer goods, and defence equipment stand to gain immensely from enhanced collaboration. Notably, the high-tech manufacturing sector in India, supported by government incentives, has further solidified its ties with the UK.
The resumption of these trade discussions is timely. Recent data indicates a remarkable 121% increase in India-to-UK payments over the past nine months, reflecting the deepening economic engagement between our countries. This momentum should be harnessed to establish a comprehensive trade agreement that not only bolsters economic growth but also addresses critical areas such as security, education, technology, and climate change.
However, as we navigate these negotiations, it is imperative to approach them with a mindset that transcends outdated paradigms. As Trade Minister Douglas Alexander emphasised, we must move beyond “post-imperial delusions” and ground our trade policies in data-driven strategies that prioritise mutual benefit.
I am confident the relaunch of UK-India trade talks heralds a new chapter in UK-India bilateral relations. By embracing this opportunity with a forward-thinking and collaborative approach, the UK can pave the way for a partnership that delivers prosperity and progress for both countries.