Shri Anand Sharma, Union Minister for Commerce & Industry, in a bilateral meeting with Lord Green, UK Minister of State for Trade and Investment here today, expressed optimism over the growing trade and investment between the two countries, as reflected in the April-September 2010 figures where exports to UK registered a growth of 10.88% over the corresponding period of the previous year. Shri Sharma expressed satisfaction over the negotiations with the EU for a Broad based Trade and Investment agreement (BTIA) with 12 rounds having been completed till January 2011. He emphasized that, “India is one of the most promising destinations for foreign direct investment and hoped that free movement of professionals and service providers will help in deepening the economic relationship.”

Shri Sharma highlighted that the JETCO (Joint Economic & Trade Committee) has been working successfully with government and business working together to enhance bilateral trade and investment. Both the Ministers lauded efforts of India-UK CEOs Forum. The CEOs Forum will make recommendations to the two governments on how to increase the levels of trade and investment in each other’s economies. The Forum has ten members on each side, led by Mr. Rattan Tata.

UK is the fourth largest investor in India with FDI from UK totaling US $ 6.23 billion and in this year (April to October) it has been US $ 0.66 billion. Trade between the two countries in 2009-10 was US $ 11 billion with exports from India to UK were valued at US $ 6.2 billion and imports from UK to India at US $ 4.4 billion. India’s major exports to UK are RMG cotton including accessories, transport equipments, machinery & instruments, gems & jewellery, drugs, pharmaceuticals and fine chemicals. India’s major imports from UK are: Pearls, precious & semi-precious stones, machinery except electric & electronic, metalifers ores & metal scrap, transport equipments and electronic goods.

Broad based Trade and Investment agreement negotiations advancing to deepen trade and investment and address services and professional mobility. Negotiations on a Broad based Trade and Investment Agreement (BTIA) between India and the EU are advancing with multiple rounds completed; institutional mechanisms such as the Joint Economic & Trade Committee (JETCO) and an India-UK CEOs Forum are tasked with coordinating government and business inputs to enhance bilateral trade and investment, while identified principal export and import sectors (garments, transport equipment, machinery, pharmaceuticals, gems and jewellery, and industrial inputs) inform negotiation and policy priorities including movement of professionals and services liberalisation.