Prabhu, UK Minister discuss ways to boost trade Back to News & Events List


Commerce and Industry Minister Suresh Prabhu held talks with his British counterpart, International Trade Secretary Liam Fox on Thursday, as the two countries look for opportunities to boost trade and investment, including via a potential Free Trade Agreement, as Britain prepares to leave the European Union.
 
As part of its efforts to strengthen trade Britain’s export credit agency, UK Export Finance has doubled its financial support for British companies that export to India. The UKEF has now made £4.5 billion available to British companies exporting to India and Indian firms buying British goods and services (the latter available in rupees).
 
While Britain is unable to hold formal trade talks with countries outside the EU till it leaves the union (at the end of March 2019), the 12th meeting of the UK-India Joint Economic and Trade Committee (JETCO), being held this week provides an opportunity for the countries to build on work of the UK-India trade working group established last year.
 
Fox said expanding the bilateral trade and investment with India, and breaking down barriers to trade, would be central to the task of Britain preparing for its independent trade policy.
 
It’s in our shared interest to boost prosperity, generate jobs, develop skills, and enhance the competitiveness of both our countries, he said. Prabhu is on a four-day visit to London, as part of which he is set to attend JETCO and address an audience at the London School of Economics on the role of trade and investment in driving sustainable and inclusive growth.

 

Source: The Hindu Business Line


Recent News


10

07/2018
India does not subsidise exports, complies with WTO norms: Suresh Prabhu

Dispelling the misconception that India subsidises its exports, Commerce Minister Suresh Prabhu today asserted that the country fully complies with the guidelines of the WTO, ...

21

06/2018
India Says US Trade Preference Program Enhances Pace Of Economic Reforms

India today told the Trump administration that the Generalized System of Preference program (GSP) would enhance India's development and the pace of economic reforms, urging...

12

06/2018
Oilmeal export in May 2018 provisionally estimated to be 97,036 tonne

The export of oilmeal in May 2018 was provisionally reported at 97,036 tonne, compared to 1,44,524 tonne in May 2017. The overall export in April and May 2018 was reported at 3...

31

05/2018
Boosting ASEAN ties: Modi to visit Indonesia, Malaysia, Singapore

As part of India's efforts to boost ties with Southeast Asia under its Act East Policy, Prime Minister Narendra Modi will visit Indonesia, Malaysia and Singapore from May 2...