UK's CBI launches 1st delegation to examine FTA opportunities in India

The ongoing three-day trip that ends tomorrow is being led by the CBI’s Chief campaigns director, Syma Cullasy-Aldridge and feature some of the biggest names from British and Indian industries, including HSBC, Tide, Pernod Ricard, and ICICI Bank, CBI said in a press release.

This visit comes in the backdrop of the UK negotiating the seventh round of the free trade agreement (FTA) with India. The potential FTA could boost trade with India by £28 billion a year by 2035 and increase wages across the UK by £3 billion.  The programme will bring UK businesses together with key senior stakeholders from the British High Commission in Delhi and the government of India, to discuss growth opportunities in the Indian market for UK businesses and how an FTA can help unlock them.

Syma Cullasy-Aldridge, CBI chief campaigns director, said: “With a free trade deal between the UK and India soon to be signed—and agreements such as the UK-India Young Professionals Mobility scheme already in place—now is the time for businesses to explore how to grasp the huge opportunities that India affords. 

“The CBI’s first ever delegation to India will put the promise of an FTA into practice—helping businesses develop links with key stakeholders and supporting UK firms to go for growth around the world.”

Greg Hands, minister for trade policy at the department for international trade, said: “The UK-India relationship is going from strength to strength, so it is fantastic that the CBI is sending its first ever business delegation to India.

“India is on track to become the third largest economy with a quarter of a billion middle class consumers by 2050—so the free trade deal we're negotiating with them could unlock huge benefits for UK firms.”

Fibre2Fashion News Desk (DP)