FICCI sees GBP50bn India-UK trade by 2030
The Indian industry has welcomed announcement of the India-UK Enhanced Trade Partnership (ETP) which will by 2030 double bilateral trade from its current level of around GBP23 billion per year.
Welcoming the announcement, FICCI President Uday Shankar said, “We are happy to see the ‘Roadmap 2030’ being adopted to elevate bilateral ties to a ‘Comprehensive Strategic Partnership. The announcement about the discussions on the full Free Trade Agreement starting as early as Autumn this year is also very encouraging for businesses from both the countries.”
Also welcomed was the announcement by Britain and India of a private sector-led investment of GBP1 billion.
FICCI UK Council Chairperson Baroness Prashar said, “It is heartening to see the announcement of more than GBP533 million by Indian private sector that will create over 6,000 jobs and investments in sectors like healthcare, technology will help build better economic links between the two countries.”
She further said, “Announcement of deals worth GBP200 million to support low carbon growth demonstrates the commitment to sustainable economic growth,” she said on 4 May 2021.
FICCI’s report ‘ASCENT: The New Horizon of Trade Relations’ highlighted that with a robust economic foundation based on job creation and shared prosperity, trade and investment between the UK and India has the potential to increase to GBP50 billion.”
The ETP is to unleash the trade potential between the 5th and 6th largest economies of the world and by setting an ambitious target of more than doubling bilateral trade by 2030, said the Prime Minister’s Office in 4 May 2021.
As part of the ETP, India and the UK agreed on a roadmap to negotiate a comprehensive and balanced Free Trade Agreement (FTA), including consideration of an Interim Trade Agreement for delivering early gains, The Prime Minister’s Office said on 4 May 2021.
Prime Ministers Narendra Modi and Boris Johnson launched the ETP through a Virtual Summit. #trade #exports #investment #manufacturing #banking /fiinews.com
