India-UK trade deal to boost bilateral trade by £25.5 billion annually by 2040

Britain and India signing the landmark Comprehensive Economic and Trade Agreement (CETA) in July went far beyond a signature. It was a chance for opportunities to be brought to life between two thriving economies.

Estimated to boost bilateral trade by £25.5 bn (~₹3.26 lakh cr) every year by 2040, it's a deal that's good for British and Indian businesses, for consumers and for growth. Both Britain and India are already starting to feel the benefits, with nearly £12 bn (~₹1.53 lakh cr) worth of trade and investment deals struck since the agreement was signed, supporting thousands of jobs in both countries.

This is just the beginning. India is expected to become the third largest global economy by 2031, and by 2050 is projected to be home to over a quarter of a billion high-income consumers. This means there are huge opportunities for both countries in the years ahead. Consumers in both countries are already enjoying greater access to iconic products, and we've already seen the first shipment of Scottish salmon arrive in India tariff-free via Bakkafrost Scotland.


Bilateral trade is rising. British and Indian innovators are developing new technologies together with Polymateria striking a deal on their biodegradable milk pouches, now on shelves nationwide across India.

Last year, UK-India Vision 2035 was signed to revitalise an already ambitious relationship, making it future-focused and ready to unlock the huge potential on offer. So, it's great to see this in action already. This partnership will deliver growth, security and opportunity for people in all corners of both countries from Merseyside to Mumbai. And our relationship extends far beyond trade.

For instance, the official opening of University of Liverpool's Bengaluru campus this week, giving Indian students greater access to world-class British degrees, with 10,000 students expected to be studying there within 10 years. English Premier League is having a fantastic impact on community and grassroots football in India, with tens of millions of fans across the country.

But we know there's more to do. Ministries on both sides want work with businesses, both in Britain and India, to understand how we can better support them to take advantage of what's on offer.

This deal was never the ceiling of our ambitions with India. This week sees 7 mayors from the North of England, along with myself and secretaries of state for environment, food and rural affairs (Defra) and Scotland, and a delegation of over 100 businesses here in India. It's time to build new, exciting and future-focused partnerships with our Indian colleagues.

These mayors commit to their communities, and they want to work with India to boost further growth and achieve the full ambition of our shared vision. That's exactly what Prime Minister Andy Burnham wants to do. Because the next chapter of our international trading relationship will not just be written by national government, but by mayors, businesses, universities, investors and innovators at all levels.

We'll also be linking companies together on clean energy with British businesses uniquely placed to support India's transition to net zero thanks to greater access provided by our trade deal. In an uncertain world, nothing is more important than maintaining close ties. Our two nations already share a deep cultural and historical relationship, not least with almost 2 mn people of Indian descent living in Britain.

Our economies are complementary, ambitions aligned, and commitment to taking this partnership further is as strong as ever. This visit will only help us build on this momentum. The opportunity is now.