PTI
London
The UK government on Monday highlighted the unlocking of new deals worth 1 billion pounds as the first major British delegation landed in India with a mission to maximise the benefits flowing from the bilateral Free Trade Agreement (FTA).
Over 100 businesses from a range of sectors have travelled with UK Business Secretary Jonathan Reynolds, Scotland Secretary Douglas Alexander and Environment, Food and Rural Affairs Secretary Angela Eagle alongside seven mayors from Northern England.
The so-called Great North mission comes almost three months on from the implementation of the India-UK Comprehensive Economic and Trade Agreement (CETA) on July 15.
“Our trade deal with India opened the door, and now regional businesses are walking through it with our northern Mayors leading the way in building partnerships to drive jobs, investment and growth,” Reynolds said in a pre-visit statement.
“From advanced manufacturing to education, we want to continue to deepen ties with one of the world’s fastest-growing economies to bring opportunity for businesses and consumers in all corners of both countries,” he said. The deals announced to coincide with the visit include a 50 million pounds investment from Meta for Data Technologies (MFD) to fund AI research in the UK, and leading UK aviation services company, Menzies Aviation, seeking to generate over 600 million pounds in revenue with an expanded footprint in India.
The UK trade department said the package highlights the UK’s ambition with one of the world’s fastest growing economies and means that deals worth nearly 12 billion pounds have now been announced since the signing of the “landmark” CETA in July last year.
“Our free trade agreement was hard won and will now open up a big market for high-quality products like salmon and whisky,” said Scotland Secretary Alexander.
“I am determined to make sure Scotland’s producers can turn the trade deal into real business wins, by helping them access and navigate this valuable market.
“Scotland’s success in markets like India is supported by the strength, reach and influence that come from being part of the UK. Boosting export opportunities and encouraging inward investment in Scotland means real benefits back at home in economic growth and jobs,” he said.
The visit this week reflects the breadth of opportunity offered by the UK-India relationship with representatives on the trip including those from the Agriculture and Horticulture Development Board (AHDB), British Meat Processors Association, Fever Tree, Kendamil, the National Farmers’ Union, Salmon Scotland, the Scotch Whisky Association and Walker’s Shortbread.
Department for Environment, Food and Rural Affairs (DEFRA) minister Angela Eagle said: “This government’s landmark deal with India opened the door to one of the world’s fastest-growing markets – and we are working to turn its commitments into outcomes for British farmers and food and drink companies.
“We’re in India alongside food and drink exporters helping them showcase the best of British produce, build new trading relationships, and unlock the export opportunities for communities across the UK.”
During the visit, Reynolds is set to meet his Indian counterpart, Piyush Goyal, in Delhi and co-chair the UK-India Joint Economic and Trade Committee (JETCO).
He will also co-chair the UK-India Science and Innovation Council alongside Minister for Science and Technology Jitendra Singh.
In Mumbai, the Business Secretary will meet the Chief Minister of Maharashtra, Devendra Fadnavis, to launch closer regional economic cooperation.
He is also set to attend a major trade marketplace showcasing innovative British products and services in this exciting and fast-growing market.
According to official estimates, the India-UK CETA is expected to boost bilateral trade in the long run by 25.5 billion pounds every year.
Among some of the other deals struck in time for this week’s trade mission, London-based AI agent startup Asika has secured partnerships with multiple hospital groups in Hyderabad to reduce administrative burden.
Organicco, which helps businesses turn difficult waste into useful products, has progressed export opportunities in India with an estimated value of 2 million pounds and Arup has secured 1.4 million pounds Mumbai Metro Design review contract, targeting 7 million pounds pipeline.
