Britain’s Prime Minister Sir Keir Starmer attends a bilateral meeting with India’s Prime Minister Narendra Modi on the sidelines of the G20 summit at the Museum of Modern Art in Rio de Janeiro, Brazil.
The UK is set to relaunch trade talks with India at the start of next year, as Sir Keir Starmer said he wanted to take Britain’s relationship with Delhi to “another level”. Following a meeting with Indian prime minister Narendra Modi at the G20 summit, Sir Keir said he was “very ambitious” in terms of securing a “new strategic partnership, not only on trade, but “on energy and on so many issues, including security”.
The UK prime minister has said that a deal between the world’s fifth and sixth largest economies would help support jobs in the UK, with a trading relationship with India worth £42bn in the 12 months to June 2024, according to Downing Street.
As it was confirmed that trade talks would restart in early 2025, Sir Keir said: “Boosting economic growth is key to improving living standards for working people.
“A new trade deal with India will support jobs and prosperity in the UK – and represent a step forward in our mission to deliver growth and opportunity across our country.”
Discussions between New Delhi and London over a trade deal had stalled under the last government. While Boris Johnson had previously said he wanted a deal done by October 2022 to coincide with Diwali, Rishi Sunak’s administration had declined to set a target date for signing off on an agreement.
When the negotiation began in January 2022, the aim had been to double trade between the UK and India to £86bn by 2030.
By 2028, India is projected to be the world’s third largest economy. India was the UK’s 11th largest trading partner in the most recent financial year, accounting for 2.4 per cent of total UK trade, according to the UK government.
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