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UK's DIT celebrates first anniversary of economic ties with India

ANI  |  New Delhi [India] 

UK's International Trade Secretary, Dr Liam Fox celebrated the Department for International Trade's (DIT) first anniversary by encouraging British businesses to export, building on the UK's history as a great trading nation.

As a leading advocate of and open markets DIT is helping businesses to seize the exciting opportunities posed by trade with the rest of the world and is working with key trading partners to strike trade deals once we have left the

DIT has already helped to secure billions of pounds in export opportunities, and since its creation in July 2016, the department has also supported:

- a trade mission to which resulted in £1.2 billion worth of business deals

- the largest ever healthcare trade mission to which saw British organisations sign deals worth more than £250 million

- architecture firms to secure a contract worth tens of millions of pounds in UAE

DIT has also set up ten trade working groups across 15 countries to strengthen trade and commercial ties with our key trading partners around the world.

Recent figures revealed that the attracted more foreign direct investment projects than ever before in the year 2016-17. With more than 2,200 projects recorded, the post-referendum figures showed an increase of two percent over the previous year. The data also showed that 75,226 new jobs were created, and 32,672 safeguarded, amounting to over 2,000 jobs per week across the country.

International Trade Secretary Dr Liam Fox said:

"Over the past twelve months we've helped secure more foreign direct investment projects than ever before, supported thousands of businesses on their export journey, and continue to promote the UK's trade values across the world.

"Britain has always been a great trading nation and we want to agree a deep and special partnership with the including a bold and ambitious agreement and a customs agreement. And as we leave the EU, we will be able to take advantage of the growing and design a trade relationship in Britain's interest. There has never been a better time for our dynamic and creative businesses to export their goods and services abroad".

Latest trade statistics show that exports of goods and services have increased - exports stand at £547.6 billion - up 23.2% on 2010 and up 5.8% on 2015*.India's relations with the have continued to thrive, and it remains one of the UK's largest investors. established 127 new investment projects last year, as the UK's fourth largest investor. Whilst adding 3,999 new jobs, safeguarded more jobs than any other country, at 7,645 existing jobs. This demonstrates real commitment to the fundamental and unchanged strengths of the economy.

The has also strengthened its position as the single largest G20 investor in India, supporting close to 800,000 jobs, according to the CBI's second Sterling Assets report, supported by PwC and the Business Council.

Dr. Alexander Evans, Acting British High Commissioner to said, "The vibrant economic relationship between and the continues to flourish, as the consistently strong figures on bilateral trade and investment show. Our Department for International Trade, celebrating its first anniversary, is central to ensuring that the bilateral business relationship is flourishing, driving jobs and growth in both economies. As Prime Minister Modi said, the and are an 'unbeatable combination' and there's a lot more to come."

The Department for International Trade

The Department for International Trade is responsible for delivering a new trade policy framework for the and promoting British trade and investment across the world, to ensure Britain is firmly at the forefront of global trade and investment.

Through great.gov.uk, the department gives businesses access to millions of pounds' worth of potential overseas business, helping them start or increase exporting with more than 2.4 million visits to the website so far.

Last month internationally recognised expert Crawford Falconer was appointed as Chief Trade Negotiation Adviser to act as head of profession for trade negotiators, bringing over 25 years of public service in trade and foreign affairs.

Also last month, the Department announced that duty-free access to the for imports from nations across the developing world will be maintained after Brexit. The move means that around 48 countries, including Bangladesh, Haiti and Ethiopia, will continue to benefit from the arrangements on all goods bought by the

Department for International Trade in numbers:

1. DIT has established 10 working groups with 15 countries, including Australia, China, the Gulf Cooperation Council, Israel, India, New Zealand, Norway, Turkey, USA and South Korea

2. International Trade Ministers have visited 47 markets on more than 90 international visits to promote the as a great, global, trading nation

3. The headcount at DIT has increased to a global workforce of over 3,100, which includes an international network includes an international network of 1,291 people

4. The Trade Policy Group that includes policy and country specialists, as well as expert economic analysts and lawyers, has itself grown fivefold in size.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, July 13 2017. 19:23 IST
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