Prime Minister Keir Starmer pegged the UK as an “unashamed champion of global trade” with the release of the country’s new ‘Modern Industrial Strategy’ this week, which highlights the Free Trade Agreement (FTA) with India as a sign of a flourishing partnership with like-minded nations in favour of a free and open rules-based order.
The Industrial Strategy sets out a 10-year plan to boost investments and create good skilled jobs with the aim of making Britain the “best place to do business”.
The strategy notes: “Government must be pragmatic, agile, and smart in navigating this environment. We will engage strategically with a wide range of partners, using the most modern trade tools, helping businesses to export and attract investment, building resilience through cooperation and being assertive about our own interests and the importance of a rules-based international system upholding the principles of open and free trade.
“We have showcased this approach through our new deals with the US, EU, India, Japan and our engagement with China.
“Our Free Trade Agreement with India, by reducing barriers and supporting opportunities across high-growth sectors, will increase bilateral trade by £25.5 billion each year in the long run.”
The UK-India FTA talks concluded last month, with Indian Commerce and Industry Minister Piyush Goyal in London last week for India Global Forum (IGF) London and also to discuss the next steps towards its implementation process.
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Among the highlights of the UK’s new Industrial Strategy is a high growth sector-specific approach as well as a slashing of electricity costs by up to 25 per cent from 2027 for electricity-intensive manufacturers in such sectors to bring costs more closely in line with other major economies in Europe.
Starmer said: “This Industrial Strategy marks a turning point for Britain’s economy and a clear break from the short-termism and sticking plasters of the past.
“This is how we power Britain’s future - by backing the sectors where we lead, removing the barriers that hold us back, and setting out a clear path to build a stronger economy that works for working people. Our message is clear – Britain is back and open for business.”
The plan focuses on eight sectors where the UK is already strong and offers potential for faster growth: Advanced Manufacturing, Clean Energy Industries, Creative Industries, Defence, Digital and Technologies, Financial Services, Life Sciences, and Professional and Business Services. Each growth sector has a bespoke 10-year plan that will attract investment, enable growth and create high-quality jobs.
