- UK announces £1 billion of new deals as trade mission lands in India
- More than 100 firms and seven northern mayors on the “Great North” mission
- Deals worth nearly £12 billion announced since the FTA was signed
- Scotch whisky, salmon and shortbread makers among exporters on the trip
THE UK has announced new deals worth £1 billion as the first major British trade delegation since the India-UK free trade agreement took effect arrived in India on Monday.
More than 100 businesses are travelling with Business secretary Jonathan Reynolds, Scotland secretary Douglas Alexander and environment secretary Angela Eagle, alongside seven mayors from northern England.
The “Great North” mission comes almost three months after the India-UK Comprehensive Economic and Trade Agreement (CETA) came into force 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 before the visit.
The deals
The new deals include a £50 million investment from Meta for Data Technologies (MFD) to fund AI research in the UK. Aviation services company Menzies Aviation is seeking to generate more than £600 million in revenue by expanding in India.
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Smaller deals include partnerships between London-based AI start-up Asika and hospital groups in Hyderabad, export opportunities worth an estimated £2 million for waste recycling firm Organicco, and a £1.4 million Mumbai Metro design review contract for engineering firm Arup, which is targeting a £7 million pipeline.
The Department for Business and Trade said deals worth nearly £12 billion have now been announced since the agreement was signed in July last year. Official estimates suggest the deal will increase bilateral trade by £25.5 billion a year in the long run.
Whisky, salmon and shortbread
The delegation includes food and drink exporters such as the Scotch Whisky Association, Salmon Scotland, Walker’s Shortbread, Fever-Tree and Kendamil, along with the National Farmers’ Union and the British Meat Processors Association.
“Our free trade agreement was hard won and will now open up a big market for high-quality products like salmon and whisky,” Alexander said.
“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.”
Eagle said the government was working to “turn its commitments into outcomes for British farmers and food and drink companies”.
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What’s next
Reynolds will meet India’s commerce minister Piyush Goyal in Delhi to co-chair the UK-India Joint Economic and Trade Committee (JETCO). He will also co-chair the UK-India Science and Innovation Council with Science and Technology Minister Jitendra Singh.
In Mumbai, he will meet Maharashtra chief minister Devendra Fadnavis to launch closer regional economic cooperation, and attend a trade showcase of British products and services.
(With inputs from agencies)
