New Delhi [India], October 12 (ANI): UK Secretary of State for Business and Trade Jonathan Reynolds on Monday said the India-UK Free Trade Agreement (FTA) would deliver immediate benefits to both countries and create greater economic opportunities over time, describing the pact as groundbreaking in its scope and scale.
Speaking with ANI in Delhi, Reynolds highlighted the significance of the UK trade delegation’s visit to India, comprising three Cabinet ministers, seven mayors and 200 businesses.
“It’s a privilege to be here in India, but particularly special to me having been part of the deal being done in our 100 days into implementation to bring what is one of the biggest ever UK trade delegations to any partner country,” Reynolds told ANI.
He said the agreement would strengthen an already significant bilateral relationship by generating tangible benefits for businesses and communities in both countries.
“This is a deal that is not just one which is groundbreaking in scope and scale, but one with real benefits to either side that are immediate but then grow over time,” he said.
Highlighting the challenges facing global trade, Reynolds said the past few years had been difficult, with several countries increasingly turning inward.
Against this backdrop, he said, the India-UK agreement was significant as it covered both goods and services and offered opportunities across multiple sectors.
“To have a situation where two of the biggest economies in the world agree to a deal more comprehensive than before that covers not just services, not just goods, but has things on both sides that you can point to, that people can say, that’s going to make a difference to my area,” he said.
Reynolds identified agriculture, jewellery and leather as key sectors of interest for India, while vehicles and food and drink were among the sectors expected to benefit in the UK.
He also underscored India’s growing importance on the global stage, saying the country was significant not only economically but also diplomatically.
“India, obviously a country that is not just economically important but diplomatically too, a growing presence, a significant country in the world,” Reynolds said.
The visit by the UK delegation aims to deepen business engagement and build on the opportunities created by the India-UK FTA, strengthening economic cooperation between the two countries. (ANI)
India-UK FTA to deliver immediate benefits, strengthen trade ties over time: UK Minister Reynolds
