Business and trade secretary Jonathan Reynolds has said that the UK will pursue trade deals with the Gulf Cooperation Council (GCC), India and more as it argues that “boosting trade is essential to deliver a strong economy at home”.
‘Deliver that growth’
The government today confirmed that it intends to restart talks with the GCC, India, Israel, South Korea, Switzerland and Turkey in pursuit of “the high-quality trade deals the UK needs to give businesses access to international markets, boost jobs and deliver that growth”.
It has also indicated that it will publish a new trade strategy that aligns with the new government’s broader industrial plans.
Reynolds said of the announcement:
“From the Gulf to India, our trade programme is ambitious and plays to the UK’s strengths to give British businesses access to some of the most exciting economies in the world.
“Our teams will be entering negotiating rooms as soon as possible, laser-focused on creating new opportunities for UK firms so they can support jobs across the country and deliver the growth we desperately need.”
‘Extremely positive’
The director general of the Chartered Institute of Export & International Trade, Marco Forgione, welcomed the government’s commitment to completing trade deals.
“The news that the government has kicked off trade talks with these key economies so quickly is extremely positive. Making international trade easier and helping more UK businesses expand into international markets is central to getting growth into the economy.
“We know there’s real business interest in making international trade easier and we stand ready to work with DBT to ensure businesses, particularly SMEs, are armed with the know-how to turn these opportunities into reality.
‘Substantial economic opportunity’
The government describes a potential deal with the GCC as a “substantial economic opportunity”, noting that at least £19bn has been invested between the UK and the Gulf countries as of 2021.
A trade deal with India, meanwhile, “would give UK businesses better access to its burgeoning market of middle-class consumers, projected to grow to over a quarter of a billion consumers by 2050”.
Speaking on the UK’s negotiations with India, Tata Sons chairman Natarajan Chandrasekaran said:
"I am delighted that the new government has moved so quickly to restart trade negotiations with India. As two of the world's greatest trading nations with deep historical ties, India and the UK should be close economic partners, to the benefit of the citizens and businesses of both countries."