Badenoch will meet her counterpart minister of commerce and industry Piyush Goyal in person for the first time, aiming to strengthen ties between the two countries and reinvigorate talks on an ambitious bilateral trade deal. She will address both teams of senior negotiators ahead of the sixth round of formal negotiations taking place throughout the week.
The talks – the first formal round since July – will target a deal to cut tariffs and open opportunities for UK services such as financial and legal, making it easier for British businesses in India, according to a UK High Commission statement.
During her visit, the UK trade secretary will also meet with business leaders to better understand their needs for a modern UK-India trade relationship. This will include a meeting with envoPAP, a UK company investing over £10 million in India to construct a plant producing Fairtrade paper and packaging products.
Kickstarting her trip Badenoch said, “I’m here in New Delhi to kickstart round six of UK-India trade negotiations and meet my counterpart in person to drive progress on this agreement. Both nations have come to the table with the very highest of ambitions and a willingness to work together towards a mutually beneficial deal. I’m excited about the opportunities we can create for British business. India and the UK are the 5th and 6th biggest economies in the world. We have a long-shared history and are in pole position to do a deal that will create jobs, encourage growth and boost our £29 billion trading relationship.”
Strong growth in the Indian economy is expected to boost UK exports to India by over £9 billion by the middle of the next decade, and UK businesses are already taking advantage of the flourishing trading relationship, according to the UK High Commission statement.
UK household name Pret A Manger and fintech pioneers Tide and Revolut are among those expanding in India. British coffee and sandwich retailer Pret A Manger will open its first branch in India early in 2023 following a franchise partnership with Reliance Brands. Mumbai will be the chain’s first branch, as part of a plan to open 100 in total across the country.
