Both sides hope the deal will bring huge benefits for several industries, from food and drink to cutting-edge renewable technology.
“A deal with India is a golden opportunity to put U.K. businesses at the front of the queue as the Indian economy continues to grow rapidly,” Trevelyan said, adding that Britain was keen to tap into the growing middle class in Asia's third-largest economy.
After leaving the European Union in 2016, Britain has focused its trade policies on the Indo-Pacific region. India, a former British colony, is viewed as a favorable location given uncertainties over the U.K.'s ties with China.
Investment from Indian companies already supports 95,000 jobs across the U.K., the British statement said.
Britain is angling for a deal that slashes barriers, including tariffs on exports of British-made cars and Scotch whisky.
India and Britain have extensive links, with the former investing in 120 projects to become the second-largest source of foreign direct investments after the United States in 2019.