A trade deal with India remains a “priority” for the UK, Business and Trade Minister Jonathan Reynolds said at the Labour-led International Investment Summit in London, which coincided with the launch of a new green paper on Industrial Strategy. “The Gulf and India are the priorities. “I think there are clear economic and commercial reasons why we should pursue that,” Reynolds said at the Guildhall on Monday.

“International trade and investment are at the heart of our plans to drive growth across the country. This is because we know that the UK has a lot of potential as one of the countries with the largest and most open economy, a legal system that sets global standards, a regulatory system “An environment with the strongest investment protection and the greatest incentives for innovation. “We benefit from a skilled and diverse workforce, supported by an immigration system that attracts talent from around the world,” he said.

England is negotiating a Free Trade Agreement (TLC) and Bilateral Investment Agreement with India, which had completed several rounds of talks under the previous Conservative government and was expected to bounce back from the fourteenth round.

Shortly after the July general election, Reynolds indicated that the teams would “get into the negotiating room as soon as possible” to finalize the FTA, which aims to significantly increase the £38 billion-a-year bilateral trade partnership.

The Department of Business and Trade (DBT) said that although a timeline for resuming negotiations has not been confirmed, the minister’s comments reaffirmed commitment to the India-UK FTA.

“Global investors should be confident that under this new government, the UK is the best place to do business,” Reynolds added. It comes as DBT confirmed almost 38,000 jobs will be created across the UK after a total investment of £63 billion was announced at the International Investment Summit. “Following the investment secured as part of this summit, my optimism for the UK is brighter than ever. This is a sign of confidence in the UK economy. And this is important because it will support the growth of businesses large and small across the UK. “Help them create new jobs and improve the condition of society,” he said. Chancellor Rachel Reeveswho will deliver Labor’s maiden budget statement in Parliament later this month.

Meanwhile, the Industrial Strategy Green Paper consultation launched this week aims to give stakeholders the opportunity to report on Labour’s industrial plans.

Clare Barclay, CEO of Microsoft UK, has been appointed as chair of the Industrial Strategy Advisory Board, which will inform the development of the Industrial Strategy through the latest experience and evidence, working closely with business, trade unions, devolved governments, local leaders, academics and those involved. interested. party.