Jonathan Reynolds, Secretary of State for Business and Trade and Chairman of the Trade Committee, leaves 10 Downing Street after attending the weekly Cabinet meeting in London, England.
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LONDON – Reaching trade deals with India and Gulf states remains a “top priority” for the Labor government, Britain’s business secretary said on Monday, with talks between Britain and the Gulf Companies Council expected to resume as early as next week.
British Business and Trade Secretary Jonathan Reynolds told CNBC that talks with the six Gulf states will resume “soon – perhaps as soon as next week”, while talks with India also remain a priority.
“The Gulf and India are top priorities,” Reynolds told the UK International Investment Summit at London’s Guildhall. “I think there are obvious economic and business reasons why we should pursue these goals,” he said.
The UK free trade agreement has been touted as a key benefit of Brexit, with former Prime Minister and Brexiteer Boris Johnson vowing to strike a free trade agreement with India by Diwali 2022. Difficult to achieve. Deals with Australia, New Zealand and Singapore are a minority already agreed upon So far.
Shortly after taking office in July, Reynolds pledged to continue the work of the previous Conservative government in this regard. Last month, he visited The Gulf region is holding preliminary talks with the Gulf Cooperation Council, which includes Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates.
The Trade Minister has also previously stated that the government is conducting trade negotiations with Israel, South Korea, Switzerland and Türkiye.
Reynolds on Monday did not commit to a timetable for reaching those deals, saying the government’s initial role would be to “re-establish authority in these trade negotiations” and expand on the scope of his predecessor’s work.
“When people say the deal is halfway done, obviously the easy parts are done first, so explaining the timeline is not necessarily an easy thing to do,” he said.
However, he insisted the deals were vital to the UK economically and diplomatically.
He said: “It is important to recognize that while we do not shape foreign policy through trade deals, the UK’s commercial engagement, country to country and business to business, is a good thing in itself.”
“Even if these countries are not democracies like ours, this is a very positive relationship that should be encouraged. In terms of the benefits that come from it, it’s not just commercial,” Reynolds added.
Local media quoted Indian Commerce Minister Sunil Batwal as saying that the UK-India trade negotiations, currently in their 15th round, may also resume as soon as this month. explain last month.
Indian Commerce and Industry Minister Piyush Goyal told CNBC reporter Tanvir Gill in September that both sides were eager to reach a deal as soon as possible but that this would happen “systematically.”
Goyal said: “Whether it is with the UK or with India, trade deals are not made with a gun to the head.”
“We must protect the national interests and sensitivities of both sides, so the treaty must be carefully tailored to make it fair, just and balanced, meeting the interests of both countries and recognizing the different positions of each partner going forward.”
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