British companies will find it quicker, cheaper, and easier to trade with India following the bilateral Free Trade Agreement (FTA) signed earlier this month, the UK government said on Wednesday.
Business and Trade Secretary Jonathan Reynolds called it the best trade deal India has ever agreed to.
He made the remarks while convening the first meeting of a revamped Board of Trade aimed at boosting UK exports.
The Board of Trade, made up of UK business leaders, will offer targeted support to small firms. It will help businesses tap into export opportunities created by new FTAs—starting with the UK-India FTA and followed by a deal with the US.
“Today marks the start of a new chapter for British trade,” said Reynolds. “This Board is a hands-on, dynamic force helping businesses of every size enter global markets.”
Reynolds, who concluded the FTA talks with Indian Minister Piyush Goyal in London, added, “We’ve secured the best deal India has ever signed. Our US agreement is already cutting tariffs in steel and automotive, protecting British jobs.”
The UK government said the India deal would help exports of whisky, gin, cosmetics, medical devices, machinery, and lamb. It could raise bilateral trade by GBP 25.5 billion annually in the long term.
Scotch whisky will become cheaper in India, as import duties will be slashed.
Improved customs processes and digital systems will make trade smoother, especially for small and medium enterprises (SMEs).
The UK-India FTA is expected to add GBP 4.8 billion a year to the UK economy by 2040 through reduced tariffs.
“This deal gives UK and Indian businesses better access to one of the world’s most dynamic markets,” said Bill Winters, CEO of Standard Chartered.
Karen Betts, CEO of the Food and Drink Federation, called the deal a major boost.
“The UK exported nearly GBP 300 million in food and drink to India in 2024. The FTA will improve ingredient access and strengthen supply chains,” she said.
The Board of Trade includes entrepreneur Mike Soutar, BT CEO Allison Kirkby, and Small Business Britain founder Michelle Ovens.
The group will support small firms and analyse trade breakthroughs with India and the US.
“Almost all UK businesses are small. They are vital to our economy and communities,” said Ovens.
The board will advise on the upcoming Trade and Small Business Strategies to align them with the government’s growth agenda.
The announcement follows the US deal, which the Keir Starmer-led government says will protect over 320,000 jobs in key sectors like automotive, steel, and aerospace.
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