An event held in London has underscored the strengthening partnership between the UK and India, celebrating individuals and organisations contributing to deepening ties in trade, business, and culture. The gathering, hosted by the India Business Group (IBG), honoured key figures, including UK Prime Minister Sir Keir Starmer, who received a Living Bridge award for championing closer bilateral relations and securing the landmark Free Trade Agreement (FTA) between the two nations.
The event took place within the House of Lords complex, where Equalities Minister Seema Malhotra accepted the award on behalf of Sir Keir Starmer. This trade agreement, once ratified by the UK Parliament, is projected to double bilateral trade to $120 billion by 2030. Recent figures show UK-India trade already exceeding £44 billion in the four quarters leading up to the first quarter of 2025, marking an increase of over 10%.
According to a Downing Street spokesperson, the FTA will empower businesses by enabling them to trade with greater confidence and security, supporting growth across both economies. The agreement notably introduces significant tariff reductions, with the UK reducing import duties on 99% of Indian goods, including textiles, marine products, leather, and auto components. British exports such as whisky, medical devices, and automobiles will benefit from lowered tariffs, with whisky duties decreasing from 150% to 40% over the next decade.
This bilateral deal includes a social security agreement aimed at easing the burden on temporary Indian workers in the UK, who will be exempt from dual contributions for three years. It also accommodates India’s request to be exempt from the UK's proposed Carbon Border Adjustment Mechanism. The pact facilitates better market access, enabling more British firms to compete in India, and simplifies business travel for Indian professionals, representing Britain’s most significant trade agreement post-Brexit.
The deal’s potential impact is substantial. Industry experts estimate it could boost bilateral trade by approximately £25.5 billion annually by 2040. Moreover, the agreement signals India's increasing openness to Western markets and fosters a new era of economic collaboration between the fifth and sixth largest global economies.
The Living Bridge awards further recognised prominent figures across sectors, including New Delhi-based conglomerate GMR Group, billionaire businessman GP Hinduja, KPMG UK chair Bina Mehta, and educationalist Dr Vishwajeet Rana, among others. Professor Lord Patel of Bradford, IBG chairman and head of the judging panel, emphasised that the awards celebrate those who fuel shared prosperity and the unique friendship described by Indian Prime Minister Narendra Modi.
The IBG founder and CEO Amarjit Singh highlighted the organisation’s role in championing the UK-India partnership, providing insights into new investment opportunities, and empowering emerging business leaders. The event was also attended by key diplomatic figures, including India’s trade commissioner for South Asia, Harjinder Kang, and Indian High Commissioner Vikram Doraiswamy.
As the UK-India Free Trade Agreement moves towards full implementation following parliamentary approval, it represents a transformative step in bilateral relations, fostering economic growth and closer cultural ties that underpin this historic partnership in a rapidly evolving global trade environment.
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Source: Noah Wire Services