India’s imports from the UK in the year to November 2018 recorded an upward movement by 27.3 per cent totalling £5.4 billion amid volatility in British trade and business following Brexit uncertainties, according to a data released on Friday (11).
India was one among the two non-EU countries where exports from the UK recorded growth last year, after Nigeria, whose imports from the UK moved up by 29.9 per cent.
The overall value of the UK exports including goods and service during the year was £630bn. UK is keen to form a free trade agreement (FTA) with India after Brexit. London is very likely to hold discussions with India after March 29 when the UK is scheduled to leave the European Union.
According to UK’s Department for International Trade said last month that Indian investment in the UK rose by 321 per cent to £8bn.
Total trade in goods and services including exports and imports between the UK and India was £19.6bn in the year to end 2018 Q2 (second quarter), a 20 per cent rise from year to end 2017 Q2.
According to the UK International Trade Secretary Liam Fox, “As the UK takes control of its independent trade policy for the first time in 40 years, markets such as India will provide exciting export and investment opportunities for UK companies.”
“These statistics show that UK companies are beginning to take advantage of these opportunities. My International Economic Department stands ready to drive trade between our two countries and I would encourage any Indian company that wants to do business with the UK to contact our regional trade commissioner, Crispin Simon,” he added.
Piyush Goyal with shadow chancellor Rachel Reeves (centre), Vikram Doraiswami and other officials at the India Global Forum
And , Goyal with Jonathan Reynolds