Business

Starmer fast-tracks $34bn India-UK trade deal

By Attia Naveed

Copyright dailytimes

Starmer fast-tracks $34bn India-UK trade deal

British Prime Minister Keir Starmer has called for the swift implementation of a major trade deal with India. The deal, signed in July, aims to boost bilateral trade by £25.5 billion ($34 billion) by 2040. Starmer made the remarks on Wednesday during a two-day visit to India, joined by over 100 leaders from business, culture, and education. He emphasized that he wants the agreement enforced “as quickly as humanly possible.” His push comes as part of efforts to revive UK economic growth post-Brexit.

The trade pact includes tariff cuts on a range of goods including textiles, whisky, and automobiles. It also provides expanded market access for businesses from both countries. Negotiations had started three years ago but faced delays. Talks gained momentum following global tariff instability during the Trump administration. Starmer’s visit includes top executives from BP, Rolls-Royce, BT, and other major firms looking to capitalize on the new deal.

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Speaking in Mumbai, Starmer told trade delegates that opportunities were already emerging. He said his government’s role is to make it easier for companies to benefit. The agreement is the UK’s most significant trade pact since leaving the European Union. Starmer will meet Indian Prime Minister Narendra Modi on Thursday, where they aim to finalize the timeline for ratifying and activating the deal.

The Labour government sees growth as a top priority amid concerns over the upcoming fiscal budget. With polls tightening and economic challenges mounting, Starmer is banking on global trade partnerships to bolster the UK’s position. Business leaders, including the British Chambers of Commerce, support the push but warn against over-taxing businesses during fiscal planning. They also call for parallel negotiations with the US and Gulf nations.

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As global trade tensions continue, the UK sees India as a vital partner for long-term economic collaboration. Officials stress that the £25.5 billion figure is a minimum goal, not a limit. With both governments aligned, the deal is expected to be ratified and in effect within a year, marking a key step in the UK’s post-Brexit economic strategy.