UK-India bilateral trade could rise to Pound 50 billion
18 February 2021: With a robust economic foundation based on job creation and shared prosperity, trade and investment between the UK and India has the potential to increase to Pound 50 billion, according to a new research report titled “ASCENT” – the New Horizon of Trade Relations. Ascent is an inaugural thought leadership report which maps the dynamics of trade growth between the UK and India in the context of a 48% rise in bilateral trade from 2016 to Pound 24 billion in 2019.
The report analyses trade in some detail, pinpointing a variety of focus industries, including apparel and homeware and advanced engineering and Indian exports potential of optical fibre, surveying instruments, advanced engineering, and packaging materials. The report also emphasizes the importance of trade in services for both countries (82% of goods in 2019, up from 47% in 2016).
Gaitri Issar Kumar, High Commissioner of India to the UK said “ASCENT includes case studies that help to identify drivers of exports and imports and main contributors to the creation of value chains on both sides.”
The Rt Baroness Usha Prashar of Runnymede CBE, PC, Chairperson FICCI UK Council said, “This report pinpoints the opportunities that exist for both British and Indian businesses alike. It also provides fresh insights that will serve as a useful guide for businesses and policymakers. India and the UK should aim at using the Enhanced Trade Partnership to jointly work on critical global issues of climate change, supply chain, defence and security, amongst others.”
The report also echoes the importance of the ‘people-to-people’ connections; the ‘living bridge’ between the two countries as characterised by a dynamic and engaged 1.5 million-strong Indian diaspora.
