Ink India-Britain free trade, unlock new opportunity

News: Both India and UK are working together to build a strong relationship and to harness new opportunities.

What are the new developments in the India UK relationship?

–  India and the UK also declared their ambition to more than double bilateral trade by 2030, which totalled over £23 billion in 2019.

–  UK enables a greater number of Indian fisheries to export shrimp to the U.K.

– Unlocking the export of British apples to India

– Both countries aim to finish negotiations on a comprehensive and balanced FTA by the end of 2022.

What is the present status of the business in both countries?

Companies: Nearly 600 U.K. companies in India employed more than 3,20,000 people. Eg: Barclays has its biggest office outside of London in Pune, JCB’s products manufactured in India are exported to over 110 countries across the globe, etc

Investment: India is a big investor in the U.K. especially in sectors like fintech, electric vehicles, and batteries. In 2020-21, India was the U.K.’s second-largest source of investment in terms of several projects. Recently, both Essar Group and Ola Electric announced investments into the U.K.

How the FTA will help India-UK to grow business further?

According to U.K. government analysis, an Free Trade Agreement would add around £14.8 billion to India and the UK GDP collectively by 2035. Trade deals can help diversify supply chains by making it easier and cheaper for more businesses to do business across borders. Lower barriers would also incentivize new small and medium-sized enterprises to export their goods and services.

Source: This post is based on the article “ Ink India-Britain free trade, unlock new opportunity” published in The Hindu on 3rd February 2022.