LONDON (TIP): Prominent British Indian peer Lord Karan Bilimoria has been appointed chair of the influential International Chamber of Commerce United Kingdom (ICCUK) and welcomed the British government’s relaunch of Free Trade Agreement (FTA) talks as part of his new role.
Bilimoria, founder of Cobra Beer, will take the reins at ICCUK in the new year when the India-UK FTA negotiations are expected to resume in the wake of a meeting between Prime Ministers Keir Starmer and Narendra Modi at the G20 Summit in Brazil earlier this week.
As a champion of closer India-UK trade ties, the businessman welcomed the renewed “committed and concerted effort” to the FTA and called on both governments to set a deadline for completion.
“There are huge benefits for both countries in goods, investments, and services. India is the fastest growing major economy in the world and Indian companies are already significant investors in the UK,” said Bilimoria in a statement following the announcement of his new ICCUK role this week.
“An FTA will turbo-charge the special relationship between both countries and unleash significant untapped potential going forward. Both Prime Ministers should set a deadline, for example, June 30, 2025, by which to complete the deal, and the completion should be celebrated by the biggest prime ministerial-led delegations to both countries,” he said.
India’s Commerce and Industry Ministry Piyush Goyal said both sides would resume the “progress achieved previously and seek to bridge the gaps for expeditiously closing the trade deal”.
Business and industry chambers within the India-UK corridor have welcomed movement towards restarting the talks, which were stalled due to general elections in both countries earlier this year.
The International Chamber of Commerce (ICC) is the world’s largest business organization representing 45 million companies with 1 billion employees in over 170 countries. The ICCUK is the chamber’s representative voice in the UK. It provides a mechanism for the UK industry to engage effectively in shaping international policy, standards and rules.
Bilimoria added: “The ICC is uniquely positioned as a champion of pragmatic trade solutions, and I see significant opportunities to further strengthen our relationships with key global economies, as well as across government, including No 10 (Downing Street), ministers, and regulators.
“As we look to 2025, I am keen to deepen our engagement on international trade priorities, including the G7 and G20, and contribute to the UK’s international trade and industrial strategies. The new government’s energy and focus on growth provide a unique opportunity for ICC to position itself as the leading voice for international business and trade. I look forward to working with our members, partners, and international networks to advance this mission and drive meaningful outcomes for UK businesses and the global economy.”
The House of Lords peer will succeed fellow businessman Paul Drechsler CBE. “Over the past four years, we have worked to position ICC as a trusted voice on the international stage, driving trade policies that foster inclusivity, investment, and economic recovery. I am confident that under Karan’s leadership, ICC will continue to strengthen its influence, and I look forward to remaining part of this important community,” said Drechsler.