India trade an 'opportunity' for Jersey businesses

Jersey businesses could gain access to new opportunities in India after the island joined a UK trade agreement with the country, ministers say.

The UK-India Comprehensive Economic and Trade Agreement came into force on 15 July, giving Jersey firms access to lower trade barriers when exporting goods to India.

A States report on the agreement said Jersey's inclusion gave the island "scope for future growth and development of stronger trading links over time".

The report described India as "a potential opportunity for Jersey businesses", citing a market of 1.47 billion consumers and high economic growth.

The report said trade between Jersey and India was currently relatively "modest".

Between 2018 and 2022, imports were valued at about £630,000, mainly clothing and jewellery; while exports were worth about £16,500, largely finance-related products, including card readers.

The government said it would "raise awareness of the opportunity" and "assess interest from firms on island" following the deal.

The report also said existing controls would prevent harmful products entering Jersey, including those containing banned pesticides or growth hormones linked to health risks.

Ministers said the deal was important to keep Jersey aligned with the UK and other Crown dependencies on trade.

The report also warned that non-inclusion could "create divergence within the UK Crown Dependencies Customs Union" over time.

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