The U.K.’s newly formed Labour government is reigniting trade talks with India and other major economies including the Gulf Cooperation Council, Israel, South Korea, Switzerland, and Turkey. This strategic move aims to capitalize on India’s burgeoning middle class, expected to exceed 250 million consumers by 2050. Business and Trade Secretary Jonathan Reynolds emphasized a focused approach to unlock growth and job creation for UK firms.
The U.K. seeks enhanced market access and a bilateral investment treaty with India, while India is eyeing easier movement for skilled professionals. The initiative follows recent diplomatic efforts, including Foreign Secretary David Lammy’s visit to New Delhi, which also focused on security technology and climate cooperation.