Jonathan Reynolds, Secretary of State for Business and Trade and Chairman of the Trade Committee, will leave No. 10 Downing Street after attending the weekly Cabinet meeting in London, UK.
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LONDON – Britain's trade minister said on Monday that securing trade deals with India and the Gulf states remained a “priority” for the Labor government, with talks between Britain and the Gulf Business Council expected to resume next week. said.
British Business and Trade Minister Jonathan Reynolds told CNBC that talks with the six-nation Gulf group will be held again “very soon, probably next week”, but talks with India remain a priority. He said that.
“The Gulf and India are our top priorities,” Mr Reynolds said at the UK International Investment Summit at London's Guildhall. “I think there are clear economic and commercial reasons why we should pursue them,” he said.
The UK's free trade deal has been touted as a key benefit of leaving the EU, with former prime minister and Brexiteer Boris Johnson vowing to secure a free trade deal with India “by Diwali” in 2022. But so far this has proven difficult to achieve. The agreements with Australia, New Zealand and Singapore are among the few that have been agreed to date.
Shortly after taking office in July, Mr Reynolds pledged to continue the previous Conservative government's work in this regard, and last month announced initial talks with the GCC, which includes Bahrain, Kuwait, Oman, Qatar and Saudi Arabia. I visited the Gulf for this purpose. and the United Arab Emirates.
The trade minister previously said the government was pursuing trade talks with Israel, South Korea, Switzerland and Turkey.
Reynolds said Monday that his government's initial role was to “reestablish trade negotiating authority” and expand on his predecessor's efforts, without committing to a deadline for a deal.
He said: “When people say the deal is half done, it's not always easy to explain the timescale because obviously the easier parts are completed first.”
But he insisted the deal was of vital economic and diplomatic importance to the UK.
“Although we do not conduct foreign policy through trade deals, it is important to recognize that the UK's commercial engagement from country to country and company to company is itself a good thing,” he said. Ta.
“And even if those 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.
Trade negotiations between the UK and India, currently in their 15th round, could resume this month, local media quoted Indian Commerce Secretary Sunil Balswal as saying last month.
India's Commerce and Industry Minister Piyush Goyal said in an interview with CNBC's Tanvir Gill in September that the two countries were keen to conclude a deal soon, but that it would be done “organically.”
“Trade deals, whether it's with the UK or with India, are never entered into with a gun to your head,” Goyal said.
“We must protect national interests and mutual sensitivities, so the treaty will be fair, just and balanced, meeting the interests of both countries and recognizing the different positions that each partner may have in the future. It must be carefully calibrated to ensure that it is ”
