The Minister will also discuss the economic benefits of a UK-India trade deal, currently being negotiated, that could cut red tape, reduce tariffs, and help UK and Indian companies do business…reports Asian Lite News
The United Kingdom’s Minister for International Trade Nigel Huddleston has met with industry leaders in Kolkata to identify opportunities and boost trade partnerships between the two nations.
Taking to Twitter, Huddleston said, “Our trading relationship with India already stands strong at Pound 36 billion and fuels over half a million jobs in both nations – but we want to do even more. That’s why I’ve been meeting with industry leaders in Kolkata to identify opportunities and boost our trade partnership.” Huddleston’s visit to India and Bangladesh focused on unlocking more opportunities for British companies to grow trade and win business, as per the statement released by the UK government. Yesterday, Huddleston arrived in Kolkata.
“Arrived in Kolkata, India, this afternoon. Looking forward to meeting businesses and officials across the city to deepen our trade ties and discuss how an India-UK Free Trade Agreement could drive investment and boost economic growth in both nations,” the minister said in a tweet.
According to the release, India and UK’s Bilateral trade has already toppled 36 billion Pounds, supporting half a million jobs across both countries. As part of its ambition to double bilateral trade by 2030, the UK is also continuing to negotiate a trade deal with India.
Minister for International Trade Nigel Huddleston said, “The UK has a strong and enduring relationship with India and Bangladesh. Our trade with both has grown significantly over the past year, which shows our partnerships are reaching new heights.”
“I want to use my first official visit here to show the UK’s eagerness to work with both countries on shared challenges like climate change, using our collective expertise to deepen our trading relationship, spark economic growth, and create jobs,” he added.
Transport is India’s third biggest source of emissions, with road transport accounting for 90 per cent of transport emissions. India has set strong targets to boost electric vehicles (EVs) and the UK is well-placed to support this ambition by providing knowledge exchange, and access to finance and technology.
The Minister will announce a new project that will see the UK and Government of West Bengal join forces on a pilot to develop electric two-wheelers, such as motorcycles or scooters.
Huddleston will also launch a centre to enhance opportunities in the EV sector by partnering Indian businesses with elite academic and industrial institutions in the UK.
“West Bengal – the sixth largest state by economic value in India, with a GDP expected to reach 117 million Pounds this year – has set a target of developing 1 million electric vehicles in the next five years,” the statement added.
“Alongside this, he will also facilitate the signing of an MoU between the Royal Institute of Chartered Surveyors (RICS) and the Government of West Bengal on skill development in sustainable and modern methods of construction. Through these three initiatives, UK businesses will be well-placed to customise and market EV technology and sustainable construction for this burgeoning market in India,” it added.
Huddleston will also visit a waste processing company in Kolkata using cutting-edge green technologies supplied by UK business CDE Ireland to recycle construction waste into high-quality, reusable sand.
At a business roundtable, the Minister will speak to industry leaders on deepening the UK and India’s economic ties – emphasising the opportunities that have already been unlocked from the UK-India Enhanced Trade Partnership.
The Minister will also discuss the economic benefits of a UK-India trade deal, currently being negotiated, that could cut red tape, reduce tariffs, and help UK and Indian companies do business.
Meanwhile, With Bangladesh, trade has increased by 50 per cent in current prices, reaching nearly 5 billion Pounds.
During his visit to Bangladesh’s Dhaka, Huddleston will visit Intertek, a UK company supporting supply chains in Bangladesh by providing bespoke testing services, for example ensuring manufacturers meet product safety standards, as per the statement.
This visit comes a month after the UK’s world-leading Developing Countries Trading Scheme (DCTS) came into force making it easier for Bangladesh and other developing countries to trade with the UK.
Bangladeshi exporters now benefit from simpler and more generous Rules of Origin, which means that they will be able to produce goods using components from many more countries and still export these with zero tariffs to the UK. (ANI)
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