Not Just Another Trade Deal: Harsh Patel Gives SMEs a Seat at the India–UK Table

The newly signed India-UK Free Trade Agreement may be poised to redefine international commerce between two major economies, but according to Harsh Girish Patel, it’s missing one vital element: inclusion. And by inclusion, he doesn’t mean vague promises; he means structural advantages for the small businesses that keep both economies running.

Speaking at the India-UK SME Leaders Meeting in the UK Parliament, Patel, the founder and CEO of Water & Shark, argued forcefully for a more balanced economic framework. His main point was simple but profound: SMEs aren’t just “participants” in trade they are essential stakeholders. Yet far too often, they are left out of the benefits and policy design of international agreements.

With nearly 60 million small businesses in India and 98% of UK exporters to India falling into the SME category, Patel underscored the glaring contradiction. “These are the companies building futures, creating jobs, and taking risks. They need better tools, not just bigger challenges,” he said.

Patel proposed several concrete policy changes to make the FTA more equitable. One of his main proposals was to allow Indian startups to directly access UK capital markets through the London Stock Exchange’s AIM. He also called for simplifying trade regulations and creating fast-track procurement access for British SMEs entering the Indian public sector landscape.

But what made his speech especially resonant was the broader view he brought. He didn’t limit the conversation to market access or tariffs. Instead, he zoomed out to address a growing concern: the exodus of talent and capital from both nations. For India, this often means its top entrepreneurs relocating to Dubai or Singapore. For the UK, the burden of inheritance tax drives many high-net-worth individuals offshore.

Patel suggested a bilateral alignment of tax, succession, and trust laws to counteract this trend. “We can’t talk about global cooperation if we’re losing our best minds and most valuable assets to more favorable jurisdictions,” he said.

His proposal to reframe the India-UK FTA as a “People’s Agreement” is more than branding; it’s a philosophy. The deal is crafted by and for its founders, not just diplomats. By embedding equity and accessibility into trade policy, Patel believes both nations can better compete on a global stage while preserving the integrity and energy of their local economies.

In a world increasingly characterized by economic nationalism and shifting alliances, Patel’s speech is particularly noteworthy. It serves as a reminder that free trade does not necessarily equate to unrestrained power for corporations. Instead, it can foster empowerment, growth, and shared success when approached correctly.