UK's Free Trade Agreement with India Confirms UK's Competitive Advantage in Manufacturing Sector

London, England - The House of Commons was told that the Free Trade Agreement (FTA) negotiations between the UK and India have placed the UK at a "genuine" competitive advantage in the manufacturing sector. This assertion came during a debate on the bilateral FTA agreed last month, which has been pegged to increase bilateral trade by £25.5 billion annually in the long term.

UK Business and Trade Secretary Jonathan Reynolds fielded a series of questions on the advantages of the deal, highlighting its potential to boost the UK's manufacturing sector significantly. He stated that the pact marked a "huge economic win for the UK" and agreed that the country had secured "the best deal that India has ever offered".

Reynolds noted that advanced manufacturing would be a major area where this agreement placed the UK at an advantageous position, particularly in sectors like automotive and machinery. The development reinforces the notion that the deal will have a positive impact on the nation's economic growth.

The debate comes ahead of UK-India Week, which begins next week as part of the annual India Global Forum (IGF) summit in London, where trade relations between the two countries are likely to be prominent features of the discussion. A range of senior officials, including Minister of Commerce and Industry Piyush Goyal, will address the forum.

UK officials say that key goals of the FTA would enhance cooperation, increase fair trade, as well as bolster economic ties between the UK and India. Furthermore, they state that bilateral trade between the nation will jump by approximately £25.5 billion annually in long-term projections. The development provides strong indicators towards enhanced collaboration for both nations and a possible way out from the impending supply chain crisis faced by global markets.