Business and the Government need to work together if
the vital trading relationship between India and the UK is to
receive a boost, the President of the CBI will say this evening
(Wednesday).
Speaking at the CBI’s India Banquet – an annual event
bringing together senior figures from across the Indian and
British business and political community – the leader of
Britain’s largest business group will tell guests that both
countries should work hard to seize the opportunities of a
positive Brexit negotiation.
Paul Drechsler CBE will also launch the CBI’s Trade
2030 campaign at the Banquet, at which the Indian High
Commissioner to the UK, Mr. Y.K. Sinha, and the Deputy Mayor of
London for Business, Rajesh Agrawal, will deliver
addresses.
On trade between the United Kingdom and
India, Paul Drechsler CBE, CBI President, will
say:
“The UK is now the second largest G20 investor in
India, and India is the third biggest investor here. But when it
comes to trade, the picture looks less rosy – by last year, as
India’s international trade expanded, we’d fallen to 12th
place.
“We can all agree that’s not good enough. To reverse
this trend and get bilateral trade back to where it should be we
need government and business to work together, both in the UK and
in India. We need a chorus of voices – businesses, regions, trade
unions, consumer groups and other stakeholders coming together,
and setting the agenda and objectives for the future of UK
trade.
“Tonight, the CBI launches our own Trade 2030
campaign. Under that banner, we’ll work with our members and
experts in the field of international trade, helping to guide the
thinking over the months and years ahead.
“So, let me speak directly to our friends from the
Governments of India and the United Kingdom here tonight:
Business is here to help. And the CBI stands ready to support you
in any way we can.
“Because when it comes down to it, trade isn’t about
regulations and tariffs. It’s about medicines that save lives.
It’s about digital banking. It’s about efficient solar
panels.
“And if India and the UK can find ways to expand
trade, then we’ll be expanding the choices – even the life
chances – of over one billion people in India and in the
UK.”
On Brexit, Mr. Drechsler will
say:
“The General Election made many things less clear.
But one thing was very clear indeed: it’s time to reassess how we
leave the EU. The British people much prefer a positive
negotiation strategy.
“What does that mean? It means no tariff or
non-tariff barriers. It means regulatory equivalence. It means
access to skills and labour. And it means opening up business
opportunities around the world.”
On innovation, Mr. Drechsler will
say:
“For India, FinTech can increase financial inclusion,
support Prime Minister Modi’s ‘Digital India’ programme, and help
reduce people’s reliance on physical cash.
“And for the UK, the world capital of mature and
start-up FinTech firms, there’s a great chance to share
expertise and advice with one of the world’s most exciting,
fast-growing technology hubs. Building the sort of links that
will become even more important post-Brexit.”
NB: Speech attached
