India-UK bilateral trade to double by 2030: Report
Bilateral trade between India and the United Kingdom (UK) is likely to double by 2030 from the current level helped by greater economic engagements between the two countries, diversification of global supply chains, and overall ease of doing business, as per an industry report.
As India and the UK collaborate for economic growth against a backdrop of global disruptions, Grant Thornton Bharat launched the second edition of the Britain Meets India (BMI) Report 2022, in partnership with the Confederation of Indian Industry (CII), supported by the UK's Department of International Trade (DIT). Through primary research, the report identifies 618 UK companies in India and how they are growing and contributing to the economy and job creation.
The report was launched by Alex Ellis CMG, High Commissioner of UK to India, Chandrajit Banerjee, DG - CII, Vishesh C Chandiok, CEO, Grant Thornton Bharat and Pallavi Joshi Bakhru, Partner and India-UK Corridor Leader, Grant Thornton Bharat in New Delhi in the presence of over 50 dignitaries, industry and government representatives from the UK and India.
"The report has highlighted several new emerging sectors and I hope we will derive qualitative outcomes that nurture opportunities for companies in India and the UK. We continue to work closely with the governments and businesses on both sides and leverage the strengths of UK companies to deepen our trade relationship," said CII Director General Chandrajit Banerjee.
Meanwhile, India and the United Kingdom concluded the fifth round of talks for an India-UK Free Trade Agreement (FTA) last month, the Ministry of Commerce and Industry said on Thursday.
"On 29 July 2022, the Republic of India and the United Kingdom concluded the fifth round of talks for an India-UK Free Trade Agreement (FTA)," the Commerce Ministry said in a press release.
For this round of negotiations, technical experts from both sides came together for detailed draft treaty text discussions in 85 separate sessions covering 15 policy areas, the release said.