India-UK trade increased relations after Brexit – support to SME
“this time we will be focussing on small and medium sized businesses”
read also: India-UK relations – This document gives an overview of the partnership between the UK andIndia.
Following the Brexit vote, British Prime Minister Theresa May led a trade mission to India in her first major official visit outside Europe.
Theresa May visit is significant because of the ripple effect created by the Brexit referendum vote. As the pound falls, the country is looking for long-term trade deals and business associations to stabilise the economy.
“The UK will be the most passionate, most consistent, and most convincing advocate for free trade,- May said prior to the visit. – As we leave the European Union we have the chance to forge a new global role for the UK — to look beyond our continent and towards the economic and diplomatic opportunities in the wider world,” she added. “I am determined to capitalise on those opportunities, and as we embark on the trade mission to India we will send the message that the UK will be the most passionate, most consistent, and most convincing advocate for free trade.
“In the past, the focus of trade delegations has been big businesses, but I want to take a new approach that recognises the full range of British business,” she added. “So this time we will be focussing on small and medium sized businesses — and, importantly, the delegation will include representation from every region of the UK. I want to create an economy that truly works for everyone — and this new approach to international trade missions will help achieve just that.
Among SMEs, recent successes include:
- CDE Asia Ltd. £1million iron-ore contract and a £10 million project to set up an iron-ore beneficiation plant.
- Testplant, which has signed an international “Collaboration Agreement” with Wipro- expected to grow at £1million per year.
- Andrews Industries, Calex electronics and David Brown have also recently entered the market.
Partners in security
Both the UK and India have suffered serious terrorist attacks over the years and are among the strongest proponents of international co-operation to counter terrorism and extremism. The UK and India are strategic partners in this field. Bilateral operational links are expanding and deepening, close cooperation around the 2010 Delhi Commonwealth Games represented a significant security success.
The UK-India defence relationship has never been stronger. The bilateral programme of exercises, exchanges, training courses and high-level visits across all Services continues apace. Defence equipment co-operation includes supply of AW101 helicopters and Hawk Advanced Jet Trainers. The recent visit of HMS Daring – the first of the new Type 45 Destroyers – to Mumbai was a great success and provided an excellent opportunity for UK Defence companies to showcase the best of British defence technology.