British Prime Minister Rishi Sunak has reiterated his commitment to forging a “truly ambitious” free trade agreement (FTA) with India, announcing his intention to visit New Delhi for the G20 Summit in September. Sunak made these remarks while hosting a special reception at 10 Downing Street’s garden in London, celebrating the India Global Forum’s UK-India Week 2023. He expressed agreement with Indian Prime Minister Narendra Modi on the immense potential to enhance bilateral trade ties.
During the event, Sunak engaged with influential business leaders and celebrities, including boxing champion Mary Kom, musicians Shankar Mahadevan and Zakir Hussain, and Bollywood stars Sonam Kapoor and Vivek Oberoi. He referred to this gathering as a significant moment in the bilateral calendar, heralding an “Indian summer” for the UK.
Sunak highlighted the progress made on the 2030 Roadmap—a collaborative effort between the UK and India—and emphasized the shared objective of striking an ambitious trade deal that would benefit both nations. He emphasized that such a deal would generate tremendous opportunities for businesses and consumers in both India and the UK.
The reaffirmation of the British government’s commitment to an FTA with India comes at a time when both countries seek to strengthen their economic ties amidst a changing global landscape. The UK’s exit from the European Union has prompted it to explore new trading opportunities beyond Europe, with India being a key target.
India, as one of the world’s fastest-growing economies, offers immense potential for British businesses looking to expand their reach and tap into a burgeoning consumer market. Furthermore, with the Indian diaspora playing a crucial role in the UK’s cultural fabric and economy, there is a strong desire to strengthen the historical ties between the two countries.
Sunak’s planned visit to India for the G20 Summit further underscores the importance the UK places on its relationship with India. The summit, which brings together leaders from the world’s largest economies, provides an ideal platform for Sunak to engage in high-level discussions on trade and economic cooperation.
Both the UK and India have expressed their commitment to a 2030 Roadmap, which outlines their shared vision for cooperation in various sectors, including trade, defense, and healthcare. This roadmap serves as a foundation for further deepening bilateral relations and maximizing the potential for collaboration.
As negotiations for a comprehensive trade deal continue, the focus will be on addressing key issues such as market access, tariffs, and investment. A successful FTA between the UK and India has the potential to unlock significant economic benefits for both countries, create jobs, and foster innovation.
Prime Minister Rishi Sunak’s reaffirmation of the UK’s commitment to a “truly ambitious” trade deal with India underscores the importance of strengthening bilateral ties. The planned visit to India for the G20 Summit in September serves as a testament to the UK’s eagerness to forge a strong economic partnership with India. As both nations explore opportunities for increased cooperation, the potential for a comprehensive trade agreement holds tremendous promise for businesses and consumers alike.
