India UK hold trade talks in Brexit’s shadow, eye FTA

India UK hold trade talks in Brexit’s shadow, eye FTA

Context

Commerce and Industry Minister Suresh Prabhu held talks with his British counterpart, International Trade Secretary Liam Fox on Thursday, as the two countries look for opportunities to boost trade and investment, including via a potential Free Trade Agreement, as Britain prepares to leave the European Union

Boosting trade

• As part of its efforts to strengthen trade, Britain’s export credit agency U.K. Export Finance has doubled financial support for British firms that export to India.
• £4.5 billion support: The UKEF has now made £4.5 billion available to British companies exporting to India and Indian firms buying British goods and services

12^th meeting of JETCO: An oppurtunity

While Britain is unable to hold formal trade talks with countries outside the EU till it leaves the union (at the end of March 2019), the 12th meeting of the U.K.-India Joint Economic and Trade Committee (JETCO), being held this week provides an opportunity for the countries to build on the U.K.-India trade working group established last year

Visit to London

Minister is on a four-day visit to London, as part of which he is set to attend JETCO and address an audience at the London School of Economics on the role of trade and investment in driving sustainable and inclusive growth. His visit comes ahead of the Commonwealth Heads of Government Meeting in April, which Prime Minister NarendraModi is expected to attend