Skip to content
Search

Latest Stories

'UK to restart free trade negotiations with India soon'

Negotiations for a free trade agreement between India and the UK began in January 2022 under the Conservative government, with 13 rounds completed.

'UK to restart free trade negotiations with India soon'

The Labour government announced on Monday that it will soon restart negotiations for a Free Trade Agreement (FTA) with India as part of its trading priorities.

Business and trade secretary Jonathan Reynolds outlined the department's approach to international trade deals, emphasising economic growth and high-quality agreements that benefit British businesses and boost jobs.


The Department for Business and Trade (DBT) plans to publish a trade strategy aligned with the government's industrial strategy, enhancing economic security and supporting net-zero ambitions.

Reynolds said, “Boosting trade abroad is essential to deliver a strong economy at home. That's why I've wasted no time taking stock of progress and getting ready to press on with trade talks with our international partners.”

Reynolds highlighted the ambitious trade programme, focusing on creating new opportunities for UK firms. “From the Gulf to India, our trade programme is ambitious and plays to the UK's strengths to give British businesses access to some of the most exciting economies in the world,” he said.

Negotiations for an FTA between India and the UK began in January 2022 under the Conservative government, with 13 rounds completed. Reynolds set the tone for the Labour government's plans to continue the process from where it left off, aiming to finalise the deal.

The DBT noted that a trade deal with India would give UK businesses better access to its growing market of middle-class consumers, projected to reach over a quarter of a billion by 2050. This follows Foreign Secretary David Lammy's recent visit to India to discuss economic and global security.

Natarajan Chandrasekaran, chairman of Tata Sons, expressed support for the negotiations: “I am delighted that the new government has moved so quickly to restart trade negotiations with India. As one of the largest international investors in the UK, the Tata Group supports any action that strengthens the British economy.”

The DBT also aims to deliver trade deals with the Gulf Cooperation Council (GCC), Israel, South Korea, Switzerland, and Turkey. The first round of trade talks under the new government is expected to take place in the autumn, starting towards the end of August.

The department stressed that FTAs are not the only tool for driving economic growth through trade. A proposed trade strategy aims to reset the UK's relationship with the European Union (EU) to support more small businesses in exporting by removing unnecessary barriers.

UK exports totalled GBP 855 billion in 2022, making it the world's fourth-largest exporter. The government is committed to using all available means to help British businesses sell globally.

(With inputs from PTI)

More For You

Kolhapuri sandal sales surge in India post Prada controversy

Customers shop for 'Kolhapuri' sandals, an Indian ethnic footwear, at a store in New Delhi, India, June 27, 2025. REUTERS/Adnan Abidi

Kolhapuri sandal sales surge in India post Prada controversy

INDIAN footwear sellers and artisans are tapping into nationalist pride stoked by the Prada 'sandal scandal' in a bid to boost sales of ethnic slippers with history dating back to the 12th century, raising hopes of reviving a struggling craft.

Sales are surging over the past week for the 'Kolhapuri' sandals that have garnered global attention after Prada sparked a controversy by showcasing similar designs in Milan, without initially crediting the footwear's origins.

Keep ReadingShow less
UK business district
The Canary Wharf business district including global financial institutions in London.
Getty Images

Economy grew 0.7 per cent in Q1 2025, fastest in a year

THE UK economy expanded at its fastest pace in a year during the first quarter of 2025, driven by a rise in home purchases ahead of a tax deadline and higher manufacturing output before the introduction of new US import tariffs.

Gross domestic product rose by 0.7 per cent in the January-to-March period, the Office for National Statistics (ONS) said, confirming its earlier estimate. This was the strongest quarterly growth since the first quarter of 2024.

Keep ReadingShow less
Rosneft in early talks to sell India refinery stake to Reliance

Reliance Industries chairman Mukesh Ambani (Photo: Getty Images)

Rosneft in early talks to sell India refinery stake to Reliance

RUSSIAN oil major PJSC Rosneft Oil Company is in early discussions with Reliance Industries to sell its 49.13 per cent stake in Nayara Energy, an Indian energy company that operates a 20-million-tonnes-per-year oil refinery and 6,750 petrol pumps, sources familiar with the matter said.

The deal, if finalised, would see Reliance overtake state-owned Indian Oil Corporation (IOC) to become India’s largest oil refiner. It would also provide Reliance with a significant expansion in fuel retailing, where it currently holds a relatively small presence.

Keep ReadingShow less
modi-trump-getty
Trump shakes hands with Modi during a joint press conference at Hyderabad House in New Delhi on February 25, 2020. (Photo: Getty Images)
Getty Images

Key issues in India, US trade talks

TRADE talks between India and the US have hit a roadblock over disagreements on duties for auto components, steel and farm goods, Indian government sources said to Reuters, dashing hopes of reaching an interim deal ahead of president Donald Trump's July 9 deadline to impose reciprocal tariffs.

Here are the key issues at play:

Keep ReadingShow less
Anil Agarwal

Vedanta Resources, which is based in the UK and owned by Indian billionaire Anil Agarwal, has been working on reducing its debt. (Photo credit: Getty Images)

Getty Images

Anil Agarwal’s Vedanta Resources signs £438 million refinancing deal

VEDANTA LTD said on Thursday that its parent company, Vedanta Resources, has signed a loan facility agreement worth up to £438 million with international banks to refinance existing debt.

The refinancing move, where old loans are replaced by new ones, often at better terms like lower interest rates, has led ratings agencies such as S&P Global Ratings and Moody's to upgrade their outlook on the company this year.

Keep ReadingShow less