VetPlus, a Lancashire-based pet supplements firm, is celebrating news that its sales in India have more than doubled in one year following action from the UK government’s Department for Business and Trade (DBT).
VetPlus’ pet feed supplements could continue their business in India after a bureaucratic trade barrier blocking exports of British pet feed supplements to India was lifted, claimed the DBT. The resolution of the barrier was estimated at £1.4 million in sales to the company over the next five years in 2022.
Removing obstacles to UK companies selling their products worldwide is a top priority for UK Business and Trade Secretary Kemi Badenoch, with recent analysis revealing barriers to markets worth more than £2.2 billion to UK businesses were knocked down in her first 200 days in the job. The Business and Trade Secretary has committed to unlocking 100 unnecessary barriers to trade to help businesses across the UK sell more, grow more, create new jobs and pay higher wages.
The UK is currently in talks with India on a new free trade agreement (FTA) to boost the current trading relationship, already worth £36 billion in 2022. A trade deal could bring down even more barriers to trading with India, like high tariffs and red tape, and make it easier for UK companies such as VetPlus to sell into India’s market of 1.4 billion people, the DBT said.
Badenoch said: “India is a massive market for UK companies, and I am delighted to see VetPlus reaping the rewards after decisive action from the Department meant their pet feed supplements could be stocked on Indian shelves.
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“As we remove barriers to trade around the world, we create more opportunities for British businesses to export their excellent products, create more jobs, and unlock billions for the UK economy.”
The family-owned veterinary business VetPlus, founded in 1995 in Lytham, Lancashire, is a global leader in veterinary nutraceuticals. They have distributors in over 40 countries and a presence on every continent, with more than 90 per cent of their products produced inhouse at their facility in Lytham.
Founder and Chairman of VetPlus David Haythornthwaite said: “As an international business operating on every continent, it’s important that we can uphold the varied regulatory and compliance requirements in place across our markets.
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“It has been great to work with the Department for Business and Trade to meet the change in requirements for the Indian market, which meant that we could ensure the consistent supply and availability of our products for pet owners through their veterinary practices.”