- Friday, April 19, 2024
By: Pramod Thomas
UK shadow trade minister Gareth Thomas MP has urged that the country should prioritise trade with the Indian subcontinent to help create more jobs which Britain ‘desperately needs’.
Recently, he revealed that the UK is falling behind other G7 nations in securing trade in goods with India, citing figures from the House of Common’s Library.
Though the UK has increased trade in services with India by 10 per cent in the past five years it has only managed a five per cent increase in trade in goods during the same period, figures showed.
Meanwhile, other developed nations of the G7 have seen their trade in goods with India increase between 15 per cent and 42 per cent.
“It’s extraordinary that ministers are so complacent about British trade with one of the biggest emerging markets in the world. Other G7 countries are prioritising helping their businesses win contracts in India and have seen huge leaps in levels of trade,” said Thomas MP, who represents Harrow West in Parliament.
“Ministerial inaction is holding Britain back and they should prioritise trade with the Indian subcontinent.”
The foreign affairs committee report titled ‘Reawakening Ties With India’, published in June 2019, recommended that the government should appoint a ‘high-level’ and ‘long-term’ dedicated trade envoy to India, with experience of the country’s business environment to increase the UK’s goods trade with the country.
The report also advised to prioritise trade talks with India and work on removing barriers to trade such as limits on the movement of people as it is a ‘major constraint on UK-India ties’.
But, the UK government is yet to take a decision in this regard as it does not currently have a trade envoy to India, a statement from the MP said.
