What was the point of Brexit?
The UK has left the European Union and secured a deal. Further deals have also been made with other key countries, such as Japan and Turkey, and Boris Johnson is looking ahead to utilise emerging markets and provide the promised boost to the economy. But where will the next big trade deal come from?
It would seem that India is the next target. Boris Johnson is set to visit India this month, in his first trip since leaving the EU, suggesting that he has his sights set on a UK-India trade deal. Dominic Raab and Indian Prime Minister Modi previously met in December, outlining the next ten years of a UK-India relationship.
The UK and India are the fifth and sixth largest economies respectively, so a trade deal would prove highly formidable. The countries trade and investment relationship is already worth around £24 billion and supports more than half a million jobs across the UK, providing great building blocks for a growing relationship going forward. With India representing the third biggest hub of start-ups globally it could become even more crucial in the coming years. Leading the charge with hard security, fintech, open internet initiatives, biotech and space technology, India is set to be a crucial partner going forward.
Gaurav Singh, Founding Partner at JPIN VCATS, the biggest UK-India investment platform, comments on the importance of a solid relationship between the two countries:
“India is one of the world’s fastest growing economies, and presents huge potential as a key partner for trade and investment for the UK. India is a 21st century powerhouse and creating a strong UK-India trading relationship will help to fuel economic recovery in a post-Brexit, post-Covid UK.
“A trade deal will open the door to 1.3 billion potential customers for UK businesses, and provide opportunities for business improvement, consolidation, foreign expansion and diversification in a rapidly growing market.”