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UK stresses trade deal hopes as ministers meet
UK highlights trade deal ambitions amid US tariff tensions, securing £127 million investment from India during ministerial talks in London.
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AFP - Wed, 09, Apr 2025
- 14:39 EDT
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Finance Minister Rachel Reeves and Nirmala Sitharaman / X/ FinMinIndia
Britain on April 9 stressed the importance of securing post-Brexit trade deals amid fallout from US tariffs, as it secured some minor investment from India.
"In a changing world, this government is accelerating trade deals with the rest of the world to back British business and provide the security working people deserve," finance minister Rachel Reeves said before meeting with her Indian counterpart Nirmala Sitharaman.
Following the talks, Britain's Labour government said it had agreed export deals and investment worth £127 million (US $162 million) with New Delhi.
This is on top of recent deals totalling US$ 345 million (£271 million).
Also read: India-U.S. trade talks begin; analysts warn of U.S. approval hurdles
"Our relationship with India is longstanding and broad and I am delighted with the progress made," Reeves said in a statement.
The UK and India are the sixth and fifth largest global economies respectively, with a trade relationship worth US $52.1 billion (£41 billion) and investment supporting more than 600,000 jobs across both countries.
Britain and India on April 9 signed a joint statement "unlocking cooperation across a range of business sectors".
These included defence, financial services, education and development.
The two nations added they had "strengthened governmental collaboration across growth, economic resilience and international financial issues".
In previous talks, India has pushed for more UK work and study visas for its citizens in exchange for lowering tariffs on British imports such as whisky.
The UK has sought to bolster trade ties across the world since departing the European Union at the start of the decade.
Britain has secured several post-Brexit trade deals, including with Australia, New Zealand and Singapore.
But a much sought-after trade deal with the United States remains out of grasp, despite "rapid progress" in talks being made according to Prime Minister Keir Starmer.
Britain has been hit by a 10-percent US tariff, half the level imposed on imports into the United States from the European Union, because Britain runs a trade deficit with the US.
Speaking on April 9, Starmer told independent broadcaster ITV that the UK government was negotiating with the US and hoped to "improve the situation" over tariffs and trade.
Britain recently joined the Comprehensive and Progressive Agreement for Trans-Pacific Partnership in December.
The CPTPP alliance comprises fellow G7 members Canada and Japan, plus long-standing allies Australia and New Zealand, alongside Brunei, Chile, Malaysia, Mexico, Peru, Singapore and Vietnam.
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