UK and India strengthen trade ties with 17 new deals

The UK and India have reinforced their economic partnership with 17 new trade and investment agreements announced by UK Ministers during their visit to India this week.

According to a press release, these deals, valued at over £100 million, will accelerate growth in key sectors such as technology and life sciences. The agreements are expected to create hundreds of jobs and strengthen trade ties between the two nations.

UK Secretary of State Jonathan Reynolds and Investment Minister Poppy Gustafsson, who led the delegation, emphasized the positive impact of these deals. "Tech and life sciences are two huge growth sectors for the UK economy. I'm proud that government support has helped some of our finest businesses in these sectors to expand into the exciting Indian market," said Reynolds.

Trade between the UK and India has already grown to £41 billion in the past year, highlighting the increasing economic collaboration. The visit also brought a major boost for UK insurance companies after India raised the foreign direct investment (FDI) cap in the sector from 74% to 100%, opening new expansion opportunities.

"The new Indian investment proves that the government's Plan for Change is giving Indian businesses the confidence they need to continue investing in Britain," said Gustafsson.

The visit also marked the relaunch of UK-India free trade agreement (FTA) negotiations, which aim to further enhance economic growth. Covering key cities like New Delhi, Mumbai, and Bengaluru, the delegation’s visit underscores the UK’s commitment to deepening its partnership with one of the world’s fastest-growing economies.

BOX

UK-India Trade Boost: £100 Million in New Deals

Sectors Benefiting: Tech | Life Sciences | Insurance | Trade

• 17 new trade and investment agreements signed

• £100 million+ in total deal value

• £41 billion – current UK-India annual trade

• 100% – new FDI cap in India’s insurance sector (up from 74%)

• Hundreds of new jobs to be created