New UK Trade Minister to meet Sitharaman on Monday

Commerce and Industry Minister Nirmala Sitharaman will meet her UK counterpart Liam Fox on Monday to discuss ways to strengthen trade and economic ties between the two countries post Brexit.

The meeting assumes significance as India and the UK are exploring the possibility of a free trade agreement following the Britain's decision to exit from the European Union (EU).

Both the ministers will discuss all the trade related issues, an official said.

Immediately after the Britain's decision, the then Secretary of State for Business, Innovation and Skill Sajid Javid had met Sitharaman last month.

India is already negotiating a comprehensive free trade agreement with the EU, and after the Brexit, it will have to rework its strategy of negotiations.

 

Sitharaman had said with the UK moving out of the EU, the free trade agreement talks with the EU are going to be a fresh exercise.

The bilateral trade between India and the UK stood at $14 billion in 2015-16 as against $14.33 billion in 2014-15.

India received $23.1 billion foreign direct investment from Britain between April 2000 to March 2016.