International Trade Secretary Liz Truss has concluded a five-day visit to India, mapping the path to a potential future free trade deal and deeper trading ties.
The Secretary of State is today announcing that the Government has helped to secure a number of investment wins that will create jobs across the UK.
This includes a major investment by technology and digital firm Tata Consultancy Services that will bring 1,500 high-skilled jobs to sites all over the UK.
India is the fastest growing major economy in the world, with longstanding ties to the UK and a potential market of 1.4 billion people. On Saturday Truss agreed an outline of a new Enhanced Trade Partnership (ETP) with India’s Minister of Commerce and Industry Piyush Goyal, as part of the development of a roadmap that would lead to a potential comprehensive FTA, including considerations on an Interim Agreement on preferential basis.
UK International Trade Secretary Liz Truss said: “India is the world’s biggest democracy and a nation that shares our belief in free enterprise. Deeper trading ties will create opportunities for UK businesses that were simply not there as part of the EU, and set the stage for a much closer partnership with one of the economic powerhouses of the present and future, ensuring more investors like Tata Consultancy Services bring jobs and growth to the UK. We will be collaborating much more closely in the industries of tomorrow like science, tech and green growth, so we can build back better and deliver an export-led, investment-led, jobs-led recovery from coronavirus.”
The UK-India trade relationship, worth £23bn in 2019, supports key industries such as technology and life sciences and around half a million jobs in each other’s economies.