Indian Prime Minister, Narendra Modi, will visit the UK today
(Wednesday 18 April) as an official guest of government at the
Commonwealth Heads of Government meeting (CHOGM).
The Indian Prime Minister’s visit comes with a huge boost for the
UK economy as a range of new Indian investments worth more than
£1 billion will create or safeguard 5,750 British jobs for the
economy.
Alongside the investment, the Department for International Trade
(DIT) has agreed to forge a new India-UK Trade Partnership which
builds on the recommendations that followed the Joint Trade
Review (JTR) between the 2 countries earlier this year.
The new partnership will seek to improve the accessibility of
trade for businesses in both countries as the UK assumes
responsibility for its independent trade policy for the first
time in 40 years. Focusing on the 3 key sectors of life sciences,
IT and food and drink, the partnership will seek to reduce
barriers to trade, making it easier for trade in these sectors to
continue to flourish as well as developing an even stronger
trading ties.
The UK also intends to recruit a UK cyber security industry
expert to be based at the High Commission in New Delhi. Their
role would involve sharing British expertise and connecting
Indian private and public sector organisations with cutting-edge
UK companies who can supply their specific requirements.
Total trade in goods and services between the UK and India was
£18 billion in 2017, a 15% increase from 2016. UK exports to
India, led by innovative machinery and mechanical appliances,
form a large part of this and also increased significantly by
14.9%.
International Trade Secretary, , said:
Removing barriers to trade is a key way in which the UK can
capitalise on the predicted growth in world markets and so I’m
delighted we have come to this new trade partnership with
India.
It is clear that that the opportunities for growth in trade
with India are plenty, and as an international economic
department we will continue to use tools such as trade missions
not only to boost UK exports, but also to help businesses of
all sizes forge ties and build cultivate relationships with
potential buyers and investors.
The visit of Prime Minister Modi will see the launch of a package
of technical assistance to help India climb further up the
rankings for ease of doing business, benefitting UK companies and
the Indian economy alike. Additionally, the 2 countries have also
agreed to strengthen ties between their respective agriculture
industries.
Trading relations between the UK and India have received a boost
recently after a series of visits and trade missions between the
2 countries. Earlier this year visited Mumbai and
Bangalore with a large group of technology businesses to
strengthen ties between the industries in the 2 countries. This
follows more than 100 UK businesses from different sectors
visiting in January and February this year alone.
