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UK, India hold trade talks, identify barriers to be removed

ANI  |  London [United Kingdom] 

Dr. today with Indian for Commerce and Industry 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.

The ministers were joined by a delegation of senior and Indian officials for the 12th meeting of the UK-Joint Economic and (JETCO), which will build on progress made by the UK-trade working group that was established in 2016.

Dr.Fox announced that the national export credit agency, Export (UKEF), has more than doubled its financial support to enable businesses to trade with 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 to India amounting to £5.8 billion. Indian (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

UK and Indian businesses, including UK engineering consultancy Arup and Indian infrastructure firm (IL&FS), also alongside the JETCO to discuss ways of boosting co-operation in growing sectors such as advanced and smart cities.

International Trade Secretary, Dr said: "I am delighted to be meeting with the Indian and leaders today, to map out how we will build a stronger trading relationship between our two nations. India is the world's seventh-largest 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 to break down the barriers to boosting trade. That includes more than doubling trade 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.

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

First Published: Fri, January 12 2018. 13:30 IST