UK's global trade outlook sees India as Asia's 'standout growth engine'

AS the "standout growth engine" in Asia, India is projected to be the third largest economy in the world by 2028, and the recent Free Trade Agreement (FTA) offer British businesses a "major advantage" over their international competitors, the UK's new trade strategy and outlook have said.

- ADITI KHANNA

The 'UK's Trade Strategy' and an accompanying 'Global Trade Outlook 2025' released by the Department for Business and Trade (DBT) on Wednesday spotlights the trade deal with India, concluded early last month, as the centrepiece of the Labour government's approach to utilising FTAs as an important tool to meet its economic growth agenda.

“Asia is expected to benefit from standout growth from India and a new generation of fast-growing emerging markets,” reads the outlook.

"Asia's centre of growth is expected to shift from China to India and other emerging markets, while Africa's demographic boom could drive high growth if job creation can keep pace with population growth," it notes.