Brexit: Indian exporters cautious but hopeful ahead of Wednesday vote

India's second and third-largest markets for outbound IT services, which stood at $136 billion in 2018-19, according to Nasscom

As the European Parliament votes late on Wednesday to ratify the terms of Britain’s exit from the European Union (EU), Indian exporters are hoping to seize the gulf in trade relations that is set to emerge. “A lot will depend on the exact terms of agreement that the United Kingdom (UK) reaches with the EU. If the UK decides to enter into a Customs union with EU, shipment flows will continue unhindered and without much change to the logistics value chain,” said Ajay Sahai, director general of the Federation of Indian Export Organisations.

A Customs union generally consists of a trade