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Last updated: 13 Feb, 2021  

India.UK.9.Thmb.jpg India-UK trade has potential to reach Pound 50bn

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SME Times News Bureau | 13 Feb, 2021

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 Pound 50 billion, according to a new research report.

ASCENT: The New Horizon of Trade Relations, an inaugural thought leadership report, maps the dynamics of trade growth between the UK and India in the context of a 48 percent rise in bilateral trade from 2016 to Pound 24 billion in 2019.

The data and insights in the report highlight the extent of the UK-India trade relationship and showcases the richness of British and Indian investments in one another's countries.

Welcoming the launch of the report, Her Excellency, Gaitri Issar Kumar, High Commissioner of India to the UK said, "I congratulate all partners of High Commission of India, London, FICCI, Sannam S4, Santander UK and Taylor Wessing, for their contribution to the report.

She commented, "India and the UK are, today, committed to forging an Enhanced Trade Partnership aimed at achieving prosperity, generating jobs, developing skills, and facilitating essential supplies for the benefit of both our peoples. We have identified our complementarities across the sectors - which offer both sides tremendous opportunities for a win-win outcome.

"ASCENT includes case studies that help to identify drivers of exports and imports and main contributors to the creation of value chains on both sides," she said. "It also analyses the interplay between trade and FDI and will be a useful handbook for businesses and investors on both sides," she further added.

The report takes a deep dive into the UK-India trading relationship and focuses on opportunities for both countries against a changing global backdrop and rising ambitions.

Speaking at the launch of the report, Alan Gemmell, UK Trade Commissioner for South Asia commented, ."The report highlights significant opportunities for the UK and India in trade and investment. Already this week we have announced additional investment in jobs in the UK from top Indian businesses - with Tata Consultancy Services bringing 1,500 high-skilled jobs to sites across the UK and Indian pharmaceutical and biotechnology giant Wockhardt creating 40 new jobs in Wrexham. ."

We look forward to working with FICCI, Sannam S4, Santander UK and Taylor Wessing to develop and deepen the UK-India partnership, he added.

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