A post-Brexit trading partnership between India and the UK "has the potential to shape the global economy", according to International Trade Secretary Liam Fox.

UK Trade Secretary Liam Fox speaks at UK-India week conference

Speaking at a conference in London to mark the start of UK-India week, Dr Fox said the two nations planned to strengthen partnerships in such areas as energy, smart cities and financial services, "whilst at the same time addressing the critical issue of skills".Dr Fox said: "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 four decades, the United Kingdom will be able to fully determine its own economic destiny, through an independent trade policy.

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"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."

The UK is the largest G20 investor in India

The minister pointed to the existing strength of investment links between the two countries, saying that, over the past decade, the UK had been the largest G20 investor in India with more than 270 British companies now operating in India, employing nearly 800,000 people.Meanwhile, Dr Fox said, approximately 800 Indian companies were operating in the UK in 2016, accounting for around 110,000 jobs and recording combined revenues of £47.5 billion. "In the same year India established 127 new investment projects in the UK, adding 4,000 new jobs and safeguarding more jobs than any other country," he said."Through free trade and increased economic openness, India has been transformed into one of the most dynamic and fast-growing economies on earth."India and the UK are countries that are looking to our respective and joint futures with optimism, and a willingness to embrace the opportunities of globalisation.

UK-India: Working for mutual prosperity in a globalised world

"Both countries have a shared interest in each other’s prosperity, generating jobs, developing skills, and enhancing the competitiveness of the two economies."Our vibrant business communities are instrumental in maintaining and strengthening the partnership between our two countries, building upon strong ties encompassing trade and culture."Bilateral trade between the two countries has grown rapidly over the last ten years, and reached some £18 billion in 2017. But it has so much further to go."Dr Fox said the rate of growth had reached a "remarkable" 15 per cent in the first three quarters of last year, compared to the same period in 2016, and it was a trend both nations should work to continue."Our commercial links span a wide variety of sectors, from life sciences and medical technology, to food and drink, energy, defence and culture," he added."Our trade in services includes not only IT and professional services – but significant trade in financial services, with the City of London playing a key role in raising capital to support India’s infrastructure growth."Relocate’s new Global Mobility Toolkit provides free information, practical advice and support for HR, global mobility managers and global teams operating overseas.Access hundreds of global services and suppliers in our Online Directory 

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