Brexit = UK Business Secretary launching Trade talks with India
- Business Secretary Sajid Javid will be in Delhi today where he will launch initial discussions on the UK’s future trade relationship with India
- Sajid Javid would like the UK and India to have a trade agreement in place as soon as possible after the UK leaves the EU
- India invests more in the UK than the rest of the European Union combined
- A new industry report by CII and Grant Thornton tracking Indian companies based in the UK has revealed that many of them are boosting growth rates in the country, registering a combined increase in revenue of £4 billion: from £22 billion in 2014 to £26 billion in 2015
- According to London and Partners in 2015 Indians became the second biggest job creators in London. Indian companies created 504 new jobs this year in London alone – second only to the Americans who created 1983 jobs
- In 2014-2015 Indian investments in 122 FDI projects created 7,730 new jobs and safeguarded 1,620 jobs in UK
Business Secretary Sajid Javid will kick-off preliminary trade talks with India later today.
The Business Secretary will use meetings with Indian Finance Minister Arun Jaitley and Indian Commerce & Industry Minister Nirmala Sitharaman to outline his vision for what a future trade relationship between the UK and India might look like outside the EU.
It is the first in a series of trade meetings the Business Secretary will conduct over the coming months, which also is expected to include trips to the USA, China, Japan and South Korea.
The Business Secretary has also confirmed that to aid in discussions, the government plans to rapidly build its trade capability – up to 300 specialist staff, including new trade negotiators – by the end of the year.
Business Secretary Sajid Javid said:
“Following the referendum result, my absolute priority is making sure the UK has the tools it needs to continue to compete on the global stage.
“That is why I am in India today to launch these initial trade discussions. There is a strong bilateral trade relationship between our two countries and I am determined that we build on this.
“Over the coming months, I will be conducting similar meetings with other key trade partners, outlining the government’s vision for what the UK’s future trade relationship might look like.”
As part of the discussions, the Business Secretary is expected to make clear that he would like the UK and India to have a trade agreement in place as soon as possible after the UK leaves the EU.
The Business Secretary has also been speaking to British diplomats this week, urging them to utilise their expertise and meet with their governments and local investors to make clear the UK remains an open and viable trade partner.
Speaking at the FCO Leadership Conference on Tuesday, the Business Secretary urged diplomats to make it known to their countries’ governments that the UK was looking to expand its options for trade deals.
Trade and Investment Minister Lord Price has been in Hong Kong and China this week, attending the G20 trade ministers meeting in Shanghai and meeting key government and business representatives. This is part of the government’s engagement with key trade partners, reinforcing the UK’s on-going commitment to maintaining and strengthening the economic relationship between the countries.
Alongside visiting Delhi, the Business Secretary will also be in Mumbai where he will meet senior Tata Group board members to discuss the on-going sale of their UK steelmaking assets.