International Trade Secretary, Dr Liam Fox this week met with the Indian Minister for Commerce and Industry, Shri Suresh Prabhu, to discuss greater cooperation between the two countries and identify barriers to trade and investment that must be addressed in order to boost future prosperity.
Ministers were joined by a delegation of senior UK and Indian officials for the 12th meeting of the UK-India Joint Economic and Trade Committee (JETCO), which will build on progress made by the UK-India trade working group that was established in 2016.
Dr Fox announced that the national export credit agency, UK Export Finance (UKEF), has more than doubled its financial support to enable UK businesses to trade with India. It means £4.5 billion will now be available for UK companies exporting to India as well as Indian buyers of UK goods and services.
India and the UK already enjoy a strong trading relationship, worth £15.7 billion in 2016, with UK exports to India amounting to £5.8 billion. India is the fourth largest investor into the UK, with Indian foreign direct investment (FDI) in the UK worth £1.5 billion in 2016, while UK investment into India rose to £13.2 billion in 2016.
Source: Department for International Trade