UK Prime Minister Rishi Sunak’s newly merged Department for Business and Trade has kicked off with a first-of-its-kind luxury brands mission to India to prepare the ground for a proposed free trade agreement (FTA) with India.
Business and Trade Secretary Kemi Badenoch, who was in New Delhi in December 2022 for talks with her Indian counterpart – Piyush Goyal – to kick off the seventh round of FTA talks (pictured), said she is eager to make it easier for such companies to do business with India with an agreement. Working towards that goal, her department is backing the British delegation to India Fashion Forum 2023 in Bengaluru this week, made up of popular cosmetics retailer Lush and luxury knitwear brand John Smedley among others.
Badenoch said: “India’s growing economy and middle class represents an enormous opportunity for enterprising UK companies looking for new markets.
“Removing barriers to business and boosting exports are two of my top trade priorities and I’m eager to make it easier and faster to do business with India through the free trade deal we’re currently negotiating.”
According to the British government, negotiations continue on a forward-facing trade deal with India, even as the countries already enjoy a trade relationship worth £34 billion a year – according to the latest statistics. The Department for Business and Trade said the deal, expected to boost the UK economy by billions over the longer term, is part of the UK’s strategy to forge stronger partnerships with fast-growing economies in the Indo-Pacific. The UK is keen for an FTA that slashes barriers to doing business and trading with India’s £2 trillion economy and market of 1.4 billion consumers, including cutting tariffs on exports for British businesses.
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Anita Baker of Lush Fresh Handmade Cosmetics said ahead of the mission: “Lush is very happy to take part in this trade mission and we’re confident that in India, with its deep roots in natural cosmetics, we can find a partner that lives our ethics.
“India has the opportunity to be a very sizable market and we aim to give our Indian shoppers the amazing customer experience they expect from visiting our shops around the world.”
Bill Leach, Global Sales Director, John Smedley Ltd, said: “As India is one of the fastest growing luxury markets in the world, we are very excited to be attending the Fashion Forum as part of the trade mission.
“It is hoped that the UK-India free trade agreement that is currently being negotiated comes to fruition in the coming months, so that a growing number of discerning luxury consumers in India will enjoy greater access to the World’s Finest Knitwear.”
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During the India Fashion Forum in Bengaluru, the British brands are keen to showcase their expertise in luxury, heritage and innovation to potential buyers and distributors in the Indian market. Other companies participating in the first-of-its-kind delegation include fashion brands like Wormser, Organic Apoteke, Lilly and Sid, Legology, Benny Hancock, VENIA Cosmetic Ltd, Jennifer Young Ltd and ByErim Ltd. India is set to become the third largest economy by 2050, by which time it will have a middle class of 250 million consumers – a base that the British companies are keen to tap into.
*Info: India Fashion Forum 2023
