It is improbable to see India, the world’s largest democracy, take the worldwide stage as host of the G-20, a significant discussion board for fostering worldwide cooperation. The United Kingdom has lengthy held the assumption in commerce as a drive for development and prosperity. It is why we advocate at no cost and honest commerce on the World Trade Organization and why we’re benefiting from our newly recovered powers to forge commerce offers with booming economies resembling India. Collaboration on points resembling international worth chains resilience and digitalisation of commerce paperwork is essential to harnessing the true worth of worldwide commerce.

As India’s center class grows to 1 / 4 of a billion center class customers by 2050, any enhancements on our present buying and selling relationship may very well be an enormous enhance for U.Okay. companies. It isn’t any secret that the U.Okay. and India share a thriving buying and selling relationship, which was value £36 billion in 2022.

New figures from the U.Okay.’s Department for Business and Trade reveal that India retained its place because the U.Okay.’s second largest supply of funding initiatives within the final monetary 12 months, with 118 new initiatives creating 8,384 new jobs throughout the U.Okay. And, importantly, our commerce and funding relationship goes each methods. In reality, as India’s sixth largest investor, between April 2000 and March 2023, the U.Okay. has invested $34 billion in India in overseas direct funding. U.Okay. firms are additionally creating jobs and development alternatives. There are 618 U.Okay. firms in India with a mixed turnover of round $50 billion using about 466,640 individuals instantly as of 2021.

The formidable FTA, a robust partnership

While in India, I will probably be assembly with Commerce Minister Piyush Goyal to debate progress on an formidable Free Trade Agreement, which may enhance our bilateral buying and selling relationship even additional.

The U.Okay. has confirmed we are able to negotiate formidable commerce offers, and I need to transfer at tempo to safe a take care of India, however there are nonetheless complicated talks forward on areas together with items, providers, and funding — all of which can take time. What we would like is a deal that’s honest, works for either side, and advantages companies. And our enterprise relationship goes from power to power. Just final month, the U.Okay. was chosen as the house of Tata Group’s first gigafactory exterior India, in a transfer set to create 1000’s of jobs and convey an enormous enhance to the U.Okay.’s automotive sector. And I’m happy to be assembly with Tata Chair Natarajan Chandrasekaran, following their £4 billion funding, whereas I’m right here.

But the U.Okay. and India’s sturdy partnership extends far past commerce and funding into tradition, sport, schooling and tourism too. To borrow a phrase from Prime Minister Narendra Modi, there’s very a lot a ‘living bridge’ between our nations — you solely have to take a look at our shared love of Bollywood to see this in motion. As considered one of Bollywood’s largest audiences exterior of India, the U.Okay. has featured in a few of Bollywood’s iconic movies resembling Kabhi Khushi Kabhi Gham, which was shot in round London’s St Paul’s Cathedral and Blenheim Palace in Oxfordshire, and stays a preferred filming vacation spot immediately; blockbuster Bade Miyan Chote Miyan was filming in Scotland’s spectacular highlands earlier this 12 months.

A vibrant Indian diaspora of over 1.6 million individuals makes a major contribution throughout all walks of life within the U.Okay., from schooling by means of to the workforce, with Indian college students making up one of many U.Okay.’s largest teams of worldwide college students.

Marketing marketing campaign

That is why I’m proud to announce that the U.Okay. is launching ‘Alive with Opportunity’, a £1.5 million advertising marketing campaign designed to showcase the large bond between our nations and construct on the continual alternate of individuals, concepts and tradition. As a part of the U.Okay.’s ambitions to double commerce with India by 2030, the marketing campaign goals to stimulate curiosity and demand for U.Okay. items and providers, enhance the U.Okay.’s capability to develop their enterprise by means of commerce with India, and appeal to new Indian inward funding. Over the course of the subsequent 12 months you may anticipate to see a celebration of the enterprise, commerce, cultural, and sporting hyperlinks between the U.Okay. and India throughout billboards shining a light-weight on this relationship which could be very a lot alive with alternative.

Kemi Badenoch is the United Kingdom’s Business and Trade Secretary