UK India Business Council: Advocating Business Success in 2023
This report outlines the breadth of advocacy work that the UK India Business Council (UKIBC) has delivered in 2022 and sets out our key objectives for 2023 to advance the UK-India trade and investment relationship.
2022 was an important and progressive year for the bilateral relationship, most notably illustrated by the launch of Free Trade Agreement negotiations in January. Since launching, negotiating teams have met consistently, with six rounds of formal negotiations, and further engagement at Ministerial and Prime Ministerial level throughout the year. The UKIBC has provided feedback to both Governments on behalf of our members throughout this process.
The mood remains positive and optimistic in 2023. Our governments are resolutely committed to securing an FTA that helps more businesses in the UK-India corridor to trade, invest and collaborate. India has assumed the G20 Presidency. And the 2030 Roadmap is shaping a comprehensive relationship across defence and security, climate action, healthcare, education, and the living bridge of people that is so important to the relationship.
Yet, despite the great progress that both countries are making to support investors, India and the UK can be complex markets with significant challenges for investors. The UKIBC has maintained a consistent dialogue between business and governments across both countries to enable productive discussions and decisive action to improve the business climate and to widen trade and investment opportunities. As businesses are operating all over India and the UK, our advocacy efforts reach beyond Central Ministries to involve close dialogue with the all-important State Governments and UK Regions too.
Removing market access barriers and improving the ease of doing business is better achieved with the direct input of businesses. Feedback and experience from businesses helps Government to align policy to business needs, thereby creating a better environment for the creation of jobs, economic growth, and ultimately promoting prosperity between and within our two countries.