Ideas of India 3.0: India, UK Can Secure A Mutually Beneficial Trade Deal, Says British Politician Suella Braverman

British politician and member of the Parliament, Suella Braverman, said on Saturday that India and the UK have an opportunity to collaborate and work together on the world stage. Speaking at the ABP Network’s third edition of ‘Ideas of India Summit’ on Friday in Mumbai in a discussion with Shashi Tharoor, the British politician stressed the opportunity between the two nations to solidify their relationship and work towards a better trading deal.

Commenting on the post-Brexit environment, Braverman said, “There are opportunities for both India and the UK to collaborate and work together on the world stage. That is why the post-Brexit UK heralds a great opportunity for a UK-India trade deal, the works for both our nations to double the trade to potentially 86 billion pounds, doubling your exports and increasing UK investments in India, particularly in sectors like infrastructure like infrastructure, renewable energy, healthcare, and education… I believe both nations can secure a mutually beneficial trade deal.”

Notably, both India and the UK have been engaged in holding discussions to conclude the free trade agreement (FTA) negotiations. Recently, a report by the media agency PTI disclosed that negotiations for the proposed FTA are near completion. The 14th round of talks for the agreement started on January 10, 2024. 

L Satya Srinivas, Additional Secretary, Commerce Ministry also stated that the discussions between the two parties have reached an advanced stage. A recent report by global think tank, GTRI, stated that the proposed trade pact between the two countries is set to benefit various industries.

Domestically, India’s export sectors like silver, petroleum products, alcohol, machinery, metal scrap, and medicine would benefit the most from the FTA. Ajay Srivastava, GTRI Founder, noted, “India may reduce, but not eliminate, tariffs on automobiles and Scotch whiskey from the UK. For luxury cars like those from JLR, Bentley, Rolls-Royce, and Aston Martin, the UK might want zero tariffs, but India could reduce them from 100 per cent to 50 per cent. India might also consider allowing a few thousand units at a 25 per cent tariff.”

Also Read : India’s Trade Deals With Oman, UK, EFTA Bloc Reflect Worldwide Economic Integration: GTRI