The UK has continued building up new trade ties post-Brexit and has announced it is close to a deal with India while negotiating a hi-tech deal with South Korea.
The Financial Times says India’s Commerce Minister, Piyush Goyal, said that the much-trumpeted trade agreement with the UK is set to reach completion by October.
He said that 11 of the proposed deal’s 26 chapters are now “dusted and ready” and will aim to be finished in the coming months.
Maintaining jobs across the UK
Currently, the trade relationship maintains more than half a million jobs in the UK and has a value of £24 billion, while a partnership with India has already been well established, centring on cyber security, science and education.
Collaboration with education
Recently, the largest ever commission of UK universities met with India’s main Government officials to scout for New Education Policy (NEP) collaborations.
India’s goods and resource wealth are growing rapidly, so developing a trade and technology relationship is particularly valuable to allow the UK to benefit from the vast growth India is already experiencing.
According to the Institute of Export & International Trade (IOE&IT), the deal ‘in principle’ with Korea will also greatly benefit British businesses and consumers, according to the Government.
The Government says it will:
- Allow more data to be shared without restrictions
- Reduce administrative and financial compliance
- Make it easier for organisations and businesses to trade
- Lower prices for consumers
The agreement will also boost research and innovation, the Government claims.
Organisations will no longer need contractual safeguards required under the General Data Protection Regulations (GDPR), such as international data transfer agreements or binding corporate rules.
South Korea was highlighted as a country of focus for the UK after exiting the EU, with other targets including the US, Australia, Singapore, the Dubai International Finance Centre and Colombia.
Reducing trade barriers
Director general of the IOE&IT Marco Forgione said: “Any agreement the government can make which speeds up the transfer of data has the potential to make a huge impact. In the UK alone, our research found that the full digitalisation of trade data stands to add over one per cent, some £25 billion, to UK GDP.”
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