Prime Minister Badenok will meet in person for the first time with Minister of Commerce and Industry Piyush Goyal with the aim of strengthening ties between the two countries and reinvigorating negotiations on an ambitious bilateral trade agreement.
She is scheduled to address both teams of senior negotiators ahead of the sixth round of formal negotiations this week.
The first formal round of negotiations since July aims to lower tariffs and open up opportunities for UK services such as finance and law, as UK companies sell to the world’s third-largest economy. make it easier to 250 million middle class by 2050.
During her visit, the Secretary of Commerce will also meet with business leaders to better understand their needs for contemporary UK-India trade relations. This includes a meeting with envoPAP, a British company that has invested over £10m of her in India to build a factory to produce fair trade paper and packaging products.
Kemi Badenoch, Secretary of State for International Trade, said: The two countries have come to the table with very high ambition and willingness to work together towards a mutually beneficial deal. We are excited about the opportunities we can create for businesses in the UK.
India and the UK are the fifth and sixth largest economies in the world. We share a long history and are well-positioned to make deals that create jobs, drive growth and strengthen our £29bn trade ties. With India’s economy growing strongly, British exports to India are expected to rise by more than £9 billion by the next mid-decade, and British businesses are already capitalizing on the flourishing trade ties. increase.
British famed Pret A Manger and fintech pioneers Tide and Revolut are among the companies expanding their operations in India.
British coffee and sandwich retailer Pret plans to open its first branch in India in early 2023, following a franchise partnership with Reliance Brands. Mumbai will be the chain’s first branch as part of plans to open a total of 100 across the country.