The Board of Trade, made up of UK business experts and charged with delivering targeted support for small businesses across the country to help them utilise the exporting opportunities from the UK’s recent Free Trade Agreements (FTAs) led by the India pact, held its first meeting this week.
Business and Trade Secretary Jonathan Reynolds convened the high-powered advisory board as he described the FTA he clinched with Indian counterpart, Commerce and Industry Minister Piyush Goyal (pictured above), as the “best deal India has ever agreed to” which will boost growth for both economies. It is also set to make two-way exchanges quicker, cheaper and easier.
Reynolds said: “Today marks the beginning of a new chapter for British trade. This Board isn’t just a talking shop – it’s a hands-on, dynamic force that will help businesses of every size access global markets and seize the opportunities created by our landmark trade deals.
“We’ve already secured the best deal India has ever agreed to, and our US agreement has slashed tariffs for our steel and automotive sectors, protecting hundreds of thousands of British jobs.”
The Department for Business and Trade (DBT) said its India trade deal is expected to be a “shot in the arm” for the UK’s exports of whiskies and gin, cosmetics, medical devices, advanced machinery and lamb and is expected to increase bilateral trade by an estimated £25.5 billion a year in the long term.
Trading with India will be quicker, cheaper, and easier thanks to improved customs processes and by promoting digital systems, which will be particularly important for SMEs (small and medium enterprises) who may have otherwise been unable to break into the Indian market, DBT states.
The UK-India FTA has been dubbed a “landmark trade deal”, worth £4.8 billion annually to the UK economy by 2040 as a result of “slashed tariffs across the board”.
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“The UK-India Free Trade Agreement is a significant achievement that will create new opportunities for UK and Indian businesses, enable greater access to one of the world’s largest and most dynamic markets, and drive growth and innovation across the UK-India corridor,” said Bill Winters CBE, Group Chief Executive of Standard Chartered and Co-Chair of the UK-India Financial Partnership.
Karen Betts, Chief Executive of the UK’s Food and Drink Federation, said: “The UK exported nearly £300 million worth of food and drink to India in 2024, so this FTA represents a significant opportunity for British food and soft drinks.
“The FTA will also provide UK manufacturers with greater access to ingredients produced in India, strengthening the supply chain resilience and competitiveness for our sector.”
According to DBT, this week’s first meeting of the Board of Trade comes as part of a wider series of measures to boost the number of high-growth SMEs across the UK. The high-profile group, made up of entrepreneur Mike Soutar, BT Group Chief Executive Allison Kirkby and Small Business Britain founder Michelle Ovens CBE as ambassadors and advocates for British businesses, set about to unpick the “breakthroughs with both India and the United States”.
Ovens said: “It is encouraging to see new deals struck in recent weeks and a real boost to energy and ambition. Almost all businesses in the UK are small businesses, and they have a major impact on the economy, employing millions and creating and supporting communities.”
