Both India and the United Kingdom (UK) on Wednesday agreed to forge a dynamic new India-UK Trade Partnership, to develop new trading arrangements.
The decision comes as the UK assumes responsibility for its independent trade policy, facilitate investment in both directions and intensify collaboration on shared or complementary strengths.
Prime Minister Narendra Modi held a bilateral meeting with his British counterpart Theresa May this morning and they discussed various topics.
"Building on the recommendations of the recently-completed UK-India Joint Trade Review, we will work together on a sector-based roadmap, to reduce barriers to trade, make it easier to do business in both countries and enable a stronger bilateral trade relationship after the UK exits the EU. We will also ensure continued application to the UK of EU-India Agreements during the Implementation Period following the UK's departure from the EU, and put in place arrangements to replicate relevant EU-India agreements beyond this period," a joint statement said.
The UK has been the largest G20 investor in India over the last ten years and India has the fourth largest number of investment projects in the UK. "We will begin a new dialogue on investment to improve our mutual understanding of priorities and review future opportunities for cooperation."
India also welcomed the decision by the UK to provide additional support to Indian businesses by establishing a reciprocal Fast Track Mechanism for Indian investments into the UK.
Both the countries will also support initiatives of the business stakeholders, including those proposed by the UK-India CEO Forum which met today, to achieve shared prosperity for India and the UK.
India and the UK also acknowledged the importance of connectivity in today's globalised world.
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