British Prime Minister Keir Starmer on Wednesday said he wants UK’s Free Trade Agreement (FTA) with India to be implemented as soon as “humanly possible” as he kicked off a two-day visit to Mumbai, the country’s financial capital.
He was accompanied by more than 125 business, cultural, and academic leaders, including top executives from Rolls-Royce, British Telecom, Diageo, London Stock Exchange, and British Airways.
The India-UK FTA, signed during Prime Minister Narendra Modi’s visit to London in July, seeks to lower tariffs on a wide range of goods—from textiles and cars to Scotch whisky—and provide broader market access for businesses on both sides.
India’s average tariff on British products will drop from 15 per cent to 3 per cent, making it easier for UK companies to sell goods such as soft drinks, cosmetics, cars, and medical devices in the Indian market. Whisky producers are set to benefit especially, with tariffs falling from 150 per cent to 75 per cent immediately, and further to 40 per cent over the next decade, giving the UK a competitive advantage internationally.
Negotiations on the deal were finalised in May after three years of intermittent talks, accelerated in part by global trade tensions. Analysts say the agreement, between the UK and India—the world’s fifth- and sixth-largest economies—could boost bilateral trade by around 25.5 billion pounds ($34 billion) by 2040. UK officials have emphasized that this is a baseline estimate, leaving significant potential for additional growth.
Also read: Britain's Keir Starmer to meet PM Modi on October 9 in Mumbai
Starmer eyes Britain’s largest post-Brexit trade deal
Starmer described the agreement as a major opportunity for both nations. “It provides huge opportunities,” he told delegates of the trade mission on arrival in Mumbai, adding that he had instructed his team to implement the deal as “quickly as humanly possible.”
The UK PM's visit is aimed at leveraging Britain’s largest post-Brexit trade agreement to date.
The delegation is tasked with ensuring UK companies are prepared to benefit from the FTA, which opens access to one of the world’s fastest-growing markets.
He further said, “I think the opportunities are already opening up... Our job is to make it easier for you to seize the opportunities.”
Moreover, Starmer called the deal a “launchpad” for expanding bilateral trade and economic growth. “We signed a major trade deal with India in July—the best secured by any country—but the story doesn’t stop there,” he said. “It’s not just a piece of paper, it’s a launchpad for growth. With India set to be the third biggest economy in the world by 2028, and trade with them about to become quicker and cheaper, the opportunities waiting to be seized are unparalleled.”
'Growth in India means more stability and jobs in UK'
Starmer noted that increased growth in India would bring benefits for Britain as well. “Growth in India means more choice, stability and jobs at home for the British people,” he said.
Prime Minister Modi is scheduled to hold a meeting with Starmer on Thursday.
Peter Kyle, the UK’s Business and Trade Secretary, said the agreement “places British businesses at the front of the queue to access a huge and ever-growing market” and stressed that the delegation’s visit is aimed at ensuring companies are ready to “take full advantage of the massive wins we’ve secured once the deal comes into force so we can deliver growth, jobs, and prosperity at home.”
Economic growth is a central focus for Starmer, who is seeking to reverse a slide in Labour’s poll numbers. Observers expect the upcoming November fiscal budget to present a challenging fiscal picture.
Shevaun Haviland, Director General of the British Chambers of Commerce business group, said Starmer should avoid imposing further taxes on businesses while simultaneously promoting growth through international trade, particularly with India and Gulf nations where negotiations are ongoing.
“We’ve got partners all over the world, and that should be our role,” she told reporters. She added that Britain could pursue free trade agreements while managing the effects of a global trade war and negotiating to reduce U.S. tariffs, saying, “I think that the government is big enough to do both.”
(With inputs from Reuters, PTI)
He was accompanied by more than 125 business, cultural, and academic leaders, including top executives from Rolls-Royce, British Telecom, Diageo, London Stock Exchange, and British Airways.
The India-UK FTA, signed during Prime Minister Narendra Modi’s visit to London in July, seeks to lower tariffs on a wide range of goods—from textiles and cars to Scotch whisky—and provide broader market access for businesses on both sides.
India’s average tariff on British products will drop from 15 per cent to 3 per cent, making it easier for UK companies to sell goods such as soft drinks, cosmetics, cars, and medical devices in the Indian market. Whisky producers are set to benefit especially, with tariffs falling from 150 per cent to 75 per cent immediately, and further to 40 per cent over the next decade, giving the UK a competitive advantage internationally.
Negotiations on the deal were finalised in May after three years of intermittent talks, accelerated in part by global trade tensions. Analysts say the agreement, between the UK and India—the world’s fifth- and sixth-largest economies—could boost bilateral trade by around 25.5 billion pounds ($34 billion) by 2040. UK officials have emphasized that this is a baseline estimate, leaving significant potential for additional growth.
Also read: Britain's Keir Starmer to meet PM Modi on October 9 in Mumbai
Starmer eyes Britain’s largest post-Brexit trade deal
Starmer described the agreement as a major opportunity for both nations. “It provides huge opportunities,” he told delegates of the trade mission on arrival in Mumbai, adding that he had instructed his team to implement the deal as “quickly as humanly possible.”
The UK PM's visit is aimed at leveraging Britain’s largest post-Brexit trade agreement to date.
The delegation is tasked with ensuring UK companies are prepared to benefit from the FTA, which opens access to one of the world’s fastest-growing markets.
He further said, “I think the opportunities are already opening up... Our job is to make it easier for you to seize the opportunities.”
Moreover, Starmer called the deal a “launchpad” for expanding bilateral trade and economic growth. “We signed a major trade deal with India in July—the best secured by any country—but the story doesn’t stop there,” he said. “It’s not just a piece of paper, it’s a launchpad for growth. With India set to be the third biggest economy in the world by 2028, and trade with them about to become quicker and cheaper, the opportunities waiting to be seized are unparalleled.”
'Growth in India means more stability and jobs in UK'
Starmer noted that increased growth in India would bring benefits for Britain as well. “Growth in India means more choice, stability and jobs at home for the British people,” he said.
Prime Minister Modi is scheduled to hold a meeting with Starmer on Thursday.
Peter Kyle, the UK’s Business and Trade Secretary, said the agreement “places British businesses at the front of the queue to access a huge and ever-growing market” and stressed that the delegation’s visit is aimed at ensuring companies are ready to “take full advantage of the massive wins we’ve secured once the deal comes into force so we can deliver growth, jobs, and prosperity at home.”
Economic growth is a central focus for Starmer, who is seeking to reverse a slide in Labour’s poll numbers. Observers expect the upcoming November fiscal budget to present a challenging fiscal picture.
Shevaun Haviland, Director General of the British Chambers of Commerce business group, said Starmer should avoid imposing further taxes on businesses while simultaneously promoting growth through international trade, particularly with India and Gulf nations where negotiations are ongoing.
“We’ve got partners all over the world, and that should be our role,” she told reporters. She added that Britain could pursue free trade agreements while managing the effects of a global trade war and negotiating to reduce U.S. tariffs, saying, “I think that the government is big enough to do both.”
(With inputs from Reuters, PTI)
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