UK-India FTA deal to boost trade

A free trade agreement between the UK and India implemented post-Brexit would increase trade between themby 25 per cent, an analysis by the Commonwealth shows.
UK's exports to India would increase by 50 per cent, from USD 5.2 billion to USD 7.8 billion, according to the research estimates.
Exports of UK products such as cars, beverages and spirits are expected to rise.
The Commonwealth also predicts a 12 per cent annual increase in India's exports to the UK.
The new paper, "Brexit: Opportunities for India", was presented in New Delhi, where the Commonwealth brought Indian and UK industry representatives together to explore opportunities under a post-Brexit bilateral trade deal.

Rita Teotia, the Government of India's commerce secretary, said: "Brexit has induced a degree of uncertainty. We have already chosen to engage, look at the opportunities and to deepen our relationship and to explore the opportunities that both countries offer to each other."

She said:"If we look at the health sector, increasingly India provides both on the goods side and on the services side, win-win situations for its partner countries."
Dr Rashmi Banga, adviser and head of trade competitiveness at the Commonwealth Secretariat, said: "If India has an FTA with the UK post-Brexit they are both going to gain - it's going to be a win-win situation. This new research identifies the specific opportunities of a bilateral agreement for India and the UK to boost trade in goods as well as services, benefiting both their national economies."

Thirteen new products have been identified which India can increase export to UK, including textiles and clothing, footwear, turbojets and transmission shafts, compression-ignition internal combustion piston engines and taps, cocks and valves.
The value of India's exports of these products to the UK is currently around USD 404 million, which could be increased to USD 2.1 billion, an increase of USD 1.7 billion.
Trade in commercial services, construction services and financial services will also experience a boost.
To turn this potential trade into reality, the Secretariat has opened the membership of India-Commonwealth Association for Indian industry.
This association provides a sustainable common platform for the members of Commonwealth to trade, form joint ventures, exchange technology and knowledge and harmonise existing standards.