Business

The untapped GOLD mine of UK INDIA FREE TRADE AGREEMENT

New Delhi (India), December 30: The UK and India are currently negotiating a free trade agreement. In this context, Europe India Centre for Industry brought together leaders and other UK and Indian stakeholders to address concerns and showcase opportunities in the UK-India free trade agreement. These interactions were held over three days as part of the UK-India trade.

The sessions were held at the UK Parliament, London Chamber of Commerce and Industry, Brunel University, Croydon Council, and Birmingham Council. The participation of trade body leaders, political leaders, and policy leaders from India and the UK.

These summits have allowed British MPs, European MEPs, and Indian lawmakers to get to know each other and engage in discussions with companies planning to expand into these regions.

Around 36 Members of Parliament from the UK Parliament, Indian Parliament, and European Parliament have participated in Europe India Centre for Industry and associated organizations’ activities over the years. Also organizing numerous delegations visits to India, will provide opportunities for British MPs and companies to understand and experience India.

Also, the theme of the UK-India Free Trade Agreement focused on the celebration of 75 years of UK-India geopolitical relations

Sujit S Nair, Chairman of Europe India Centre for Industry,

“In 2022. India and UK are celebrating 75 years of bilateral ties, and there is a renewed emphasis by leaders from both sides to enhance multifaceted cooperation between both countries.

UK Delegation stated the relationship between India and the United Kingdom is guided by long historical and cultural ties, a deep respect for democracy, freedom, and individual liberty, a solid people-to-people connection, and a belief in a rule-based international order that allows cooperation for mutual prosperity. The UK-India wanted to enhance this cooperation further to provide a platform for industries from the UK and India to connect to address the challenges and opportunities in the context of the upcoming UK-India Free Trade agreement.

The conference aimed to address concerns and anxieties faced by Indian and UK leaders and intends to provide access to the connections, financing, resources, and strategic insight they need to grow their business in India and the UK. The summit’s goal was to inspire leaders from the UK and India about the potential of UK-India relations for a deeper commercial relationship.

Videsh K Totaare, MD and CEO OF Archers Wealth, a Global Investment Bank specializing in Private Equity, Venture Capital, and Mergers and Acquisitions, was invited to share his view on the insights and opportunities of the Free Trade Agreement between the two countries. Videsh shared how co-production, co-development, and innovative technologies can build greater Indo-UK industrial capacity.

Taking the example of companies like Royal Enfield, Arcelor Mittal, Tata steel and several IT companies, Vidyesh highlighted India-UK’s successful, decades-old partnership growing on several fronts, leaving a bigger footprint on the global landscape.

The total trade in goods and services (exports plus imports) between the UK and India will be around £30 billion in 2022. This is a 37.1% jump from 2021. However, both nationals have the potential to take it to £100 billion by 2030.

Videsh also talked about the intellectual capability, tremendous experience and resources we have to become the strongest economies in the world. Even more, we can build the shared vision.

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