International Trade Secretary, , today met with the Indian
Minister for Commerce and Industry, Shri Suresh Prabhu, to
discuss greater cooperation between the two countries and
identify barriers to trade and investment that must be addressed
in order to boost future prosperity.
Ministers were joined by a delegation of senior UK and Indian
officials for the 12th meeting of the UK-India
Joint Economic and Trade Committee (JETCO), which will build on
progress made by the UK-India trade working group that was
established in 2016.
Dr Fox announced that the national export credit agency, UK
Export Finance (UKEF), has more than doubled its financial
support to enable UK businesses to trade with India. It means
£4.5 billion will now be available for UK companies exporting to
India as well as Indian buyers of UK goods and services.
India and the UK already enjoy a strong trading relationship,
worth £15.7 billion in 2016, with UK exports to India amounting
to £5.8 billion. Indian foreign direct investment (FDI) in the UK
was worth £1.5bn in 2016, while UK investment into India rose to
£13.2 billion in 2016.
There is huge potential to expand bilateral trade and investment
as the UK prepares to leave the European Union.
UK and Indian businesses, including UK engineering consultancy
Arup and Indian infrastructure firm Infrastructure Leasing and
Financial Services (IL&FS), also met alongside the JETCO to
discuss ways of boosting co-operation in growing sectors such
as advanced manufacturing and smart cities.
International Trade Secretary, said:
“I am delighted to be meeting with the Indian Minister and
business leaders today, to map out how we will build a stronger
trading relationship between our two nations. India is the
world’s seventh-largest economy and the fourth largest investor
into the UK, while UK investment in India grew by 8.8% in the
year to 2016.
“For the first time in 40 years, the UK is preparing for its own
independent trade policy, and expanding our bilateral trade and
investment with India will be central to that task. It’s in our
shared interest to boost prosperity, generate jobs, develop
skills, and enhance the competitiveness of both our countries.
“As an international economic department, we will continue to
work closely with the Indian Government to break down the
barriers to boosting trade. That includes more than doubling
trade finance support for UK exporters and Indian buyers of our
goods and services.”
Following the talks, the Ministers issued a joint statement
setting out their vision for a continued trading partnership in
which the two governments and businesses work hand-in-hand to
achieve shared prosperity.
-ENDS-
Notes to editors
- UKEF support is made available in Indian rupees, allowing
Indian buyers to access finance in their own currency and making
sourcing from the UK even more competitive.
- The UK will host the Commonwealth Heads of Government Meeting
(CHOGM) in April, where 52 Heads of State and thousands of
businesses will be in attendance. India will be central to UK
efforts to reenergise the Commonwealth, representing over half
its population, a huge growing economy and the world’s largest
democracy.
