Rebecca Evans MS, Cabinet Secretary for Economy, Energy and Planning
I note the announcement made by the UK government on 6 May 2025 that it has concluded negotiations on the UK-India Free Trade Agreement (FTA).
India represents an important market for Wales, and we have a strong trading relationship with around 256 Welsh businesses exporting goods to India and 389 businesses importing goods from India in 2024[1]. Goods trade between India and Wales was valued at £762.8m in 2024. This makes India our 14th largest export market and 12th largest import market. Latest services trade data for 2022 estimate the value of services trade to be around £373m.
I therefore welcome the announcement that negotiations have concluded. As with any FTA, I expect to see this agreement being able to provide practical benefits to our Welsh businesses, ensuring there is a level playing field when it comes to trade, and containing adequate protection for our most sensitive industries. These outcomes would reflect our approach to trade policy, and our ambition to increase prosperity in Wales, our values, our wider commitments to sustainability and our responsibilities through the Well-being of Future Generations Act. My officials will work to understand what will be included in the final FTA and how this aligns to our own priorities for trade policy.
I welcome the positive engagement between my officials and the UK government that took place throughout these negotiations. It is an example of good collaboration that can be replicated in other trade negotiations and policy areas.
Once the full details of the agreement have been made available, my officials will review and engage with our Trade Policy Advisory Group and publish a perspective on the impacts of the deal for Wales and for our businesses.
[1] This represents around 8.0% of 3,188 Welsh businesses that exported in 2024 and 3.3% of the 11,693 Welsh businesses that imported.