Our ambition is to double bilateral trade between India and UK by 2030: Lord Gerry Grimstone, Minister for Investment, UK

New Delhi: India and UK are natural partners and share a strong bilateral relationship, which we want to further enhance. Earlier this year, the UK Prime Minister Mr Boris Johnson had announced GBP 1 billion trade deal with India and we have the ambition to double bilateral trade by 2030, said Lord Gerry Grimstone, Minister for Investment, UK, while addressing the CII India – UK Annual Conference on 17 September 2021.

UK is committed to deepening relations with India on the basis on science, technology and free enterprise. Our focus is on boosting investments, exports, addressing market access issues, removing trade barriers that are hindering growth and unleashing the potential for economic growth, added Lord Gerry Grimstone.

There is a spirit of optimism in trade negotiations between India and UK. The recently issued trade policy paper enunciates the new trade approach of Britain, and emphasizes on building successful trade routes, especially in digital and services, achieving exports led recovery and brining investments to the UK. UK is also interested in pursuing green investment through the COP26 Summit. India is working on creating a robust FTA with the UK, said Ms Gaitri Issar Kumar, High Commissioner of India to the UK.

It is a matter of great pride that role of the Indian industry is being recognized as the two countries are negotiating on an enhanced trade partnership agreement and working towards a Free Trade Agreement. India is the second largest FDI contributor in the UK and 850 Indian companies contributed a net revenue of over GBP 50 billion, creating job opportunities. The UK has contributed to 6% of the total FDI in India. There is a heightened activity in the India-UK corridor and the India – UK partnership will improve in the future, said Mr T V Narendran, President, CII and CEO & Managing Director, Tata Steel Ltd.

The India-UK Annual Summit has played a seminal role in the India – UK economic and trade partnership. CII is committed to the India partnership with the UK, and we are ready to provide the necessary inputs on FTA. Industry accords a high priority to sustainability, green financing, clean technology, building sustainable infrastructure, and meeting the COP26 objectives, highlighted Mr Chandrajit Banerjee, Director General, CII.

The Summit saw the launch of the CII Report on India-UK Business Cooperation, a comprehensive report on the business climate and opportunities.