Business and trade secretary Jonathan Reynolds has announced the UK government's intention to initiate trade talks with several key global partners, including the Gulf Cooperation Council (GCC), India, Israel, South Korea, Switzerland, and Turkiye. This move underscores the government's commitment to placing economic growth at the forefront of its agenda, aimed at improving the livelihoods of hardworking British people.

Restarting these trade negotiations is the first step towards securing high-quality trade deals essential for providing UK businesses with access to international markets, boosting employment, and driving economic growth. The government is dedicated to leveraging all available tools to help British businesses expand their global footprint.

Free trade agreements (FTAs) are not the only mechanism for stimulating economic growth through trade. The government also plans to publish a comprehensive trade strategy that aligns with its industrial strategy, enhances economic security, and supports the UK's net zero ambitions. This strategy aims to reset the UK's relationship with the EU, support more small businesses in exporting, and dismantle unnecessary trade barriers, thereby supporting jobs and communities across the country, the UK government said in a press release.

The UK's trade programme is designed to secure deals that will benefit the national economy and enhance trade with some of the world's most dynamic economies. For instance, a trade agreement with the GCC represents a significant economic opportunity, with mutual investments already exceeding £19 billion (approximately $24.43 billion) as of 2021. Such an agreement could further boost this investment, allowing British companies to capitalise on a thriving market and offering British consumers greater choice.

Similarly, the UK is negotiating an FTA and bilateral investment treaty with India, which is projected to become the world's third-largest economy by 2027. A trade deal with India would provide UK businesses with improved access to its rapidly growing market of middle-class consumers, expected to expand to over a quarter of a billion by 2050.

Business and trade secretary Jonathan Reynolds said: “Boosting trade abroad is essential to deliver a strong economy at home. That’s why I’ve wasted no time taking stock of progress and getting ready to press on with trade talks with our international partners.

“From the Gulf to India, our trade programme is ambitious and plays to the UK’s strengths to give British businesses access to some of the most exciting economies in the world. Our teams will be entering negotiating rooms as soon as possible, laser-focused on creating new opportunities for UK firms so they can support jobs across the country and deliver the growth we desperately need.”

Fibre2Fashion News Desk (DP)