British fruit traders will have better access to the Indian market as part of a major new trade deal between the two countries.
The government announced today (4 May) that it has agreed a £1 billion package of trade and investment with India, which includes £533m of new Indian investment in the UK and £446m of new export deals for British businesses to supply the Asian nation.
The Enhanced Trade Partnership creates immediate opportunities for British businesses in India across industries including food and drink, life sciences and the service sector, according to the government. Non-tariff barriers on fruit and medical devices will be lowered, allowing British businesses to export more of their products to India.
The partnership also commits both sides to addressing immediate market access barriers as well as continuing to seek further opportunities as negotiations progress towards a free-trade agreement (FTA). The UK and Indian governments stressed the ambition is to double the value of UK-India trade by 2030 and ultimately agree a comprehensive FTA.
“Like every aspect of the UK-India relationship, the economic links between our countries make our people stronger and safer,” said UK Prime Minister Boris Johnson. “Each and every one of the more than 6,500 jobs [created by the deal] we have announced today will help families and communities build back from coronavirus and boost the British and Indian economies.
“In the decade ahead, with the help of the new partnership signed today and a comprehensive Free Trade Agreement, we will double the value of our trading partnership with India and take the relationship between our two countries to new highs.”
