As Trump tariffs loom, India, Britain step up trade talks
Global News
Earlier this month, India slashed tariffs on bourbon whisky to 100 per cent from 150 per cent after Trump's criticized "unfair" levies in the South Asian market.
India and Britain will aim to more than double bilateral trade in a decade, Indian Trade Minister Piyush Goyal said on Monday, as the two countries resumed trade talks under the shadow of tariff threats from U.S. President Donald Trump.
The countries would speed up talks on a proposed trade deal, including a free trade pact and an investment treaty, Goyal said at a joint press conference with Britain’s Business and Trade Secretary, Jonathan Reynolds.
The ministers did not respond directly to questions about whether their talks were impacted by Trump’s orders to raise tariffs and take other measures to counteract what he sees as barriers to American goods.
Their joint statement said the resumption of trade talks had come out of discussions between their prime ministers on the sidelines of the G20 summit in November – an event which took place in the run-up to Trump’s inauguration.
“This will be a path-breaking free trade agreement,” Goyal said, adding it could boost merchandise trade with Britain two to three times within a decade, without giving a detailed timeline.
Bilateral trade in goods and services between India and Britain, currently the world’s fifth and sixth-largest economies respectively, touched £41 billion ($52 billion) in the 12 months through September 2024, British government estimates show.
Trade talks were paused in March last year ahead of elections in both countries.
After years of delays, India signed trade agreements with several countries including the UAE and Australia in 2022, and a pact last year with the European Free Trade Association – a group made up of Switzerland, Norway, Iceland and Liechtenstein.
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Earlier this month, India slashed tariffs on bourbon whisky to 100 per cent from 150 per cent after Trump's criticized "unfair" levies in the South Asian market.
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