The UK is on the verge of a huge trade deal with India, it has emerged. The two nations have agreed 90% of their free trade agreement, which signals a major boost for Brexit Britain. A source told The Guardian: “We are nearly there. We are as close as we’ve ever been, but conversations at the political level cut both ways.”
Outstanding issues in the talks include tariffs on key exports like whisky and cars, which are pivotal for industries affected by US trade policies. The UK hopes to resolve these challenges soon, with a government insider stating that the final hurdles are largely about fine-tuning terms.
A trade agreement would also pave the way for deeper investment ties, particularly in financial services, a sector highly anticipated to benefit from the deal.
Rachel Reeves, in a call with UK businesses, said it was “imperative we go further and faster to kickstart economic growth”
Meanwhile, India’s Finance Minister Nirmala Sitharaman has highlighted the urgency for bilateral trade agreements amidst global uncertainties, hailing what she called a “great sense of positivity and dedication”.
In the year leading up to September 2024, bilateral trade between the UK and India amounted to £41 billion (approximately $52 billion).
In the fiscal year 2022-2023, total trade in goods between the two countries was £18.6 billion, with India exporting £10.5 billion worth of goods to the UK and importing £8.1 billion from the UK.
Additionally, during the year 2023-2024, total bilateral trade in goods reached £20.25 billion.
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