The UK will restart trade talks with India in the new year, Downing Street has confirmed.
Negotiations will include discussions on a trade agreement as well as increasing cooperation in fields such as education, technology, security, and climate change, the prime minister’s office said in a statement on Monday.
Officials say the deal with India, one of the fastest growing global economies, would support British jobs. The trading relationship was worth £42 billion in the 12 months to June, with exports to India being worth £16.6 billion, Downing Street said.
The announcement came after Prime Minister Sir Keir Starmer held a meeting with Indian Prime Minster Narendra Modi at the G20 summit in Rio de Janeiro, Brazil, on Tuesday.
Following the meeting, Starmer said in a statement: “Boosting economic growth is key to improving living standards for working people.
UK to Join CPTPP
Business and Trade Secretary Jonathan Reynolds said that India, the fifth largest economy in the world, is a “vital” trading partner for the UK.
“We believe there is a good deal to be done here that works for both nations,” Reynolds said.
He continued, “Whether it’s lowering Indian tariffs to help British firms export to this dynamic market or boosting investment which already supports over 600,000 jobs across both countries, striking a deal is important to deliver this Government’s core mission of driving economic growth.”
Negotiations have commenced between the new government and other international trade partners since Labour won the July 4 election, including with South Korea, Switzerland, and the Gulf Cooperation Council.
The UK will also join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) by Dec. 15.
CPTPP is a free trade area spanning five continents with a combined market of almost 600 million people. The UK is the first European country to become a member and the first to join since it was established in 2018.
Starmer Meets With Xi
Starmer’s meeting with Modi is one of several that the prime minister will hold with international leaders at the G20, where he is likely to discuss trade.He has also met with the prime minister of Japan, Shigeru Ishiba, where they both expressed a “shared high ambition for the UK-Japan relationship across a wide range of areas—including trade and investment, climate and security,” according to a statement from 10 Downing Street.
On Monday, both prime ministers agreed to launch a new Japan-UK Foreign and Trade Ministers’ meeting, which will further advance the two countries’ bilateral cooperation on international trade and geopolitical issues.
The prime minister also met with Chinese regime leader Xi Jinping.
“China’s economy is obviously the second biggest in the world. It’s one of our biggest trading partners and therefore I will be having serious pragmatic discussions with the president when I meet him,” said the prime minister.
Critics of the Chinese Community Party (CCP) and rights campaigners have pushed Starmer to raise with Xi human rights abuses taking place in China, including against religious minorities such as the Uyghur Muslims, as well as the unlawful detention of Hong Kong businessman and British citizen Jimmy Lai.
During the meeting, Starmer said that he was pleased UK Foreign Secretary David Lammy and Chinese Foreign Minister Wang Yi “met recently to discuss respective concerns, including human rights and parliamentary sanctions, Taiwan, the South China Sea, and our shared interest in Hong Kong.”
