UK begins trade talks with India for post-Brexit deal
UK Business Secretary Sajid Javid is meeting with the Indian government to begin talks about what kind of trade deal the UK can strike with India outside of the European Union.
Over the next few months Mr Javid will also be visiting China, Japan, South Korea, and the US.
According to UK Trade and Investment, India is Britain’s third biggest foreign investor, with trade between the two nations totaling £16.55 billion in 2015.
Mr Javid said: “There is a strong bilateral trade relationship between our two countries and I am determined that we build on this.”
There are 110,000 people in the UK employed by Indian businesses, with 12 firms employing over 1,000 people. Tata Group owns 5 of those 12 firms and employs 69,000 people.
According to a report by Grant Thornton, Indian-owned companies in the UK grew revenue by £4bn to £26bn last year.
Those in favour of the UK leaving the EU believe the country can strike better trade deals with fast-growing economies, such as India and China, being outside the European political union.
“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,” Javid said in a statement.
“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,” he added.
Earlier this week it was announced that Britain is set to have a team of 300 trade specialists in place before the end of the year to help redraw trade relationships as it operates as a solo trading country.
A source close to chancellor George Osborne told Reuters that he has already held talks with senior officials from China about working together to build stronger ties between the two countries.