Decoding the future of UK-India relationship - The Hindu BusinessLine
What should the UK and India be doing to lay the foundation for a possible FTA and what will the UK-India economic relationship look like post. Learn why India is an attractive import export market for U.K. businesses even though cultural complexity and diversity in India can pose challenges to U.K. Liam Fox speech on UK-India trade and investment links to business people at the Taj Hotel in London marking the start of UK-India Week.
British Raj — [ edit ] Further information: Inthe area, which included modern India, Pakistan, and Bangladesh, became "the Indian Empire" often known historically as the "British Raj" with British Monarch Queen Victoria proclaimed as " Empress of India " a title held by her successors until Partition of India created new entities out of the erstwhile British Raj: Dominion of India — [ edit ] Further information: King George VIwho as British Monarch had been " Emperor of India ", abandoned this title inand served as India's ceremonial head of state as 'King of India' in much the same way, he also served as 'King of Pakistan'.
In India became a Republic and the link with the British crown was severed. Republic of India since [ edit ] Further information: Both Britain and India have since pursued quite divergent diplomatic paths.
In particular, India became a major force within the Non-Aligned Movementwhich initially sought to avoid taking sides during the Cold War. Political and diplomatic relations between the two countries have generally been cordial but lacking in depth.
Former Indian Prime-Minister I. Gujral made a scathing assessment of Britain's relationship with India saying that the UK was a third rate power not worth cultivating. The growth of India 's multinational companies contributed greatly to UK's business and economy.
As ofIndian companies in the UK generated over 19 billion pounds. Tata group alone employed over 55, people in the UK. Discussion on a possible free-trade agreement is also in the agenda.
‘Lack of trust permeates India-U.K. bilateral ties’ - The Hindu
However, Jaitley stated that a formal dialogue on the agreement would only begin post-Brexit. Whilst many large UK companies have a presence in India, small and medium-sized British companies do not.
India hopes that the Access to India programme will not only encourage British SMES to export to India but also inspire them to manufacture in India fulfilling the aims of the Make in India initiative.
From tothe number of Indian students studying in the UK doubled from 10, to over 20, In this summit, Cameron stated that "Education is an area where India and the UK could pool some of the advantages for mutual benefit.
We are of course here at the Taj hotel this evening to celebrate the strength of this partnership. But we are also here to look to the future and lay out our ambitions for a trading partnership that has the potential to shape the global economy.
- ‘Lack of trust permeates India-U.K. bilateral ties’
- India–United Kingdom relations
- The UK and India's future trading relationship
In particular, as we leave the European Union, there is the opportunity for both countries to enhance our partnership — opening up new sectors for business and minimising barriers to trade. For the first time in more than 4 decades, the United Kingdom will be able to fully determine its own economic destiny, through an independent trade policy.
Decoding the future of UK-India relationship
In practice, this will mean championing global free trade, and strengthening the commercial relationships that already flourish between the UK and our allies and significant trading partners. India, of course, is foremost among these. That is why we plan to increase our engagement with India.
In particular, we aim to strengthen our partnerships in the areas of energy, smart cities and financial services, whilst at the same time addressing the critical issue of skills. We tasked this working group with identifying practical ways to broaden and deepen the trade relationship between both countries, now and as we leave the EU. Officials from both countries are in the process of agreeing a sectoral roadmap, focusing on 3 sectors - life sciences, information technology, and food and drink - where there is real progress to be made on removing non-tariff barriers to trade.
These are, of course, only 3 industries. But they are only the start of the liberalisation of UK-India trade, which will create vast opportunities across each and every industry. It is hugely encouraging the way that the Indian Government and especially Minister Prabhu have supported and encouraged this initiative.
But to achieve a step-change in our trading relationship, your role — the role of business - will continue to be crucial.
I would like to issue a call to you, as those businesses who already have a lot invested in the UK-India relationship, to get in touch with the Department for International Trade. We want to understand not only the challenges that you face in increasing trade and investment - but also to work with you to overcome them. More importantly we want to know the opportunities you identify so that we can help you maximise the possibilities.
Your ideas today can become our policy tomorrow so take this chance to let us know what you believe the challenges and opportunities to be.
And by working together to meet these challenges, as governments, as business communities, as people, and as friends, we can build a brighter, more prosperous future for India, the UK and the world beyond.