Truss makes a good call, calling India’s trade minister as the UK considers a £100 billion trade deal.
After talks with her opposite number, Dr Subrahmanyam Jaishankar, Liz Truss has boosted hopes of a massive trade deal with India, the world’s second-most populous country, worth up to £100 billion, according to experts.
“Good call with @DrSJaishankar ahead of @annietrev’s visit to India this week for trade talks,” the Foreign Secretary tweeted, referring to International Trade Minister Anne-Marie Trevelyan.
“We talked about increasing trade between the UK and India, developing a pipeline of new projects for British international investment, and strengthening defense and security cooperation.”
“It was a pleasure to visit @HCI_London today and meet High Commissioner Gaitri Kumar before my visit to New Delhi this week,” Ms Trevelyan tweeted earlier today.
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“We talked about our close relationship, which we hope to deepen through stronger strategic and economic ties.”
According to Gaurav Singh, founder of startup investment bank JPIN, a UK-India deal could be worth £100 billion.
“India is one of the world’s largest economies and presents huge potential as a key partner for trade and investment for the UK,” he told this website.
“India is a 21st-century powerhouse, and establishing a strong UK-India trading relationship will aid in the post-Brexit, post-Covid UK’s economic recovery.”
“India and the United Kingdom have been working to improve trade, and it can truly allow the United Kingdom to benefit from the immense growth India is about to experience in the coming decade,” he added.
“Given that India is a top two FDI source for the UK and the UK is a top six investor in India, a trade deal with India could be worth £50-100 billion.”
“A trade agreement will give UK businesses access to 1.3 billion potential customers, as well as opportunities for business growth, consolidation, foreign expansion, and diversification in a rapidly growing market.”
“India is a top priority for good reason: it is rapidly growing and will be the center of global trade in the coming decades, so developing a trading relationship with it is critical.”
A trade agreement with India would give Boris Johnson’s Global Britain strategy a huge boost.
With this in mind, the Prime Minister announced last year that more than 6,500 new jobs would be created across the UK as a result of a £1 billion trade and investment agreement between the UK and India.
“Like every aspect of UK-India relations,” Mr Johnson said.
“Brinkwire News Summary.”