UK Trade Minister Hails India Deal as Beacon of 'Rules-Based Order' Amid Global Turmoil
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{ "title": "UK Trade Minister Hails India Deal as Beacon of 'Rules-Based Order' Amid Global Turmoil", "article": "New Delhi : The UK government's recent trade deal with India serves as a shining example of the importance of upholding the rules-based order, particularly in the face of growing protectionism and global instability, according to a report from the UK House of Lords. The report, which scrutinized the India-UK Comprehensive Economic and Trade Agreement, highlighted that the pact was concluded at a critical juncture, when concerns about global economic instability, China's rising influence, and the need to diversify supply chains were at an all-time high. UK Trade Minister Chris Bryant noted that the deal with India demonstrated that adhering to the rules-based order is crucial, especially in light of the US's differing stance on the World Trade Organisation and reciprocal tariffs. Recent US trade measures, including high tariffs on India, have fueled uncertainty, triggered a global economic slowdown, and contributed to rising protectionism and geopolitical rivalries. The report emphasized that the trade deal between the UK and India offers a platform for long-term strategic engagement and stability for businesses, particularly in the context of the current global environment. However, it also highlighted key challenges for both countries, including their relationships with China and the need to cooperate in counterbalancing China's influence in the region. India and the UK have set a target to double trade by 2030, with the UK tariff cuts benefiting India's labour-intensive sectors such as textiles, leather, and gems and jewellery. The trade deal is expected to come into force in the first half of 2026, with two-way trade currently valued at $56 billion. While welcoming the agreement, the British parliamentary committee raised concerns about three key shortcomings, including the gradual reduction of trade barriers, the omission of notable UK interests, and the agreement's focus on goods rather than services."
