London | The UK's Secretary of State for Business and Trade, Jonathan Reynolds, on Friday announced plans to lead a major northern England delegation to India to tap into the economic opportunities created by the Free Trade Agreement (FTA).
Reynolds, the minister who clinched the India-UK Comprehensive Economic and Trade Agreement (CETA) with Commerce and Industry Minister Piyush Goyal during a walk in London's Hyde Park last year, described the Great North trade mission next week as an "exciting initiative".
According to the UK government's analysis, CETA is expected to boost the economies in northern England by 450 million pounds every year in the long run.
"From agreeing the India trade deal with Minister Goyal in Hyde Park last year to seeing it come into force this summer, the coalition of Northern mayors and businesses is an exciting initiative in the next stage our partnership which is packed with economic opportunities from our most significant deal to date," said Reynolds.
"From Sunderland to Skye, this is what will drive economic growth across the country, where government lays the groundwork for businesses and organisations to work together with international partners to create jobs and opportunities for now and for the future," he said.
The Great North, taking place between October 12 and 16, brings together nearly 200 representatives from across region, including mayors, businesses, universities and leaders from tourism, culture and sport, to showcase the region's economic opportunity. It marks the first major trade visit to India since the FTA came into effect in July and also a first for the North of England as a joint force.
According to official estimates, the India-UK FTA has the potential of injecting annual growth of around 210 million pounds in the North West, 170 million pounds in Yorkshire and the Humber and 70 million pounds in the North East.
"By bringing together businesses, civic leaders, universities and institutions from across the North of England, the mission will help build trusted relationships, connect directly with potential partners and customers, and gain a deeper understanding of opportunities in the Indian market," said Dr Kishore Jayaraman, Group CEO of the UK India Business Council (UKIBC) – strategic and knowledge partner for the Great North.
"Our focus is on helping the North translate the momentum created by the FTA into tangible commercial, investment and institutional partnerships that deliver lasting value for both the UK and India," he said.
The mission, delivered in partnership with HSBC, will target new Indian investment to help businesses in northern England win customers and contracts, attract more Indian visitors to the UK and forge new partnerships between universities, businesses and institutions.
"The North is going to India with ambition, confidence and a simple message: we want to seize every opportunity this new trade deal creates," said North East Mayor Kim McGuinness, Chair of the Great North.
"That's why we're not waiting for the benefits to come to us. We're taking the North's leading businesses, universities, sports clubs and visitor destinations to India to win investment, open doors for our businesses, bring more visitors to the North and build relationships that can last for generations," she said.
The trade mission chair highlighted clean energy, advanced manufacturing, life sciences, technology and creative industries as the region's world-class strengths and "compelling offer".
"When the North comes together, we are mighty – and we're excited to showcase the best of our regions on the global stage, to help bring jobs, prosperity and opportunity back home," added McGuinness.
Next week's delegation to India is part of the Great North's work to build a stronger collective international proposition for Northern England and secure more investment, trade and visitors for communities across the region.
It comes at a time when annual bilateral trade stands at around 48 billion pounds, a figure expected to be considerably boosted by the India-UK CETA.