United Kingdom government resumes free trade negotiations with India, Gulf states
Date
7/30/2024 6:19:29 AM
(MENAFN) On Monday, the new British government announced the resumption of negotiations to finalize free trade agreements with India and the countries of the Gulf Cooperation Council (GCC). This move follows the Labour Party's significant election victory on July 4, which saw Keir Starmer assume the role of Prime Minister after 14 years of opposition. Economic growth has been identified as a top priority for Starmer's administration.
Trade discussions had been paused during the election period, but the government now views their resumption as a crucial step towards securing high-quality trade deals that will grant businesses better access to international markets, foster job creation, and stimulate economic growth. According to a government statement, these agreements are essential for achieving the broader economic goals set by the new administration.
The first round of negotiations under the new government is anticipated to begin in the fall. In addition to India and the GCC countries, the talks will also encompass new discussions with Israel, South Korea, Switzerland, and Turkey. The UK already had existing free trade agreements with these four nations, but these were put on hold following Brexit in 2020. The British government aims to update and reinstate these agreements to better align with current trade policies and economic objectives.
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