The Government has set out a path to a potential future free trade agreement with India following a five-day visit by the International Trade Secretary, Liz Truss.
The news comes as the UK has secured significant deals on investment and jobs in the UK, with Tata Consultancy Services and Wockhardt confirming new jobs in the UK through new investment.
India is predicted to be one of the world’s fastest-growing economies in 2021, with longstanding connections to the UK and a potential new market for many industries, the opportunity for increased trade relations is one that the Government is keen to capitalise on.
Trade between the UK and India was worth £23 billion in 2019, playing a key role in sectors such as technology and life sciences.
Pharmaceutical exports to India grew by more than 20 per cent in 2019, to £96.75 million, with further growth expected in the sector.
Liz Truss, International Trade Secretary, said: “India is the world’s biggest democracy and a nation that shares our belief in free enterprise.
“Deeper trading ties will create opportunities for UK businesses that were simply not there as part of the EU, and set the stage for a much closer partnership with one of the economic powerhouses of the present and future, ensuring more investors like Tata Consultancy Services bring jobs and growth to the UK.
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