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<p>India is important for our future trading arrangements after we leave the EU. In
2017, UK-India bilateral trade was over £18bn, an increase of 15% on the previous
year. The UK has been the top G20 investor in India over the last ten years, with
the stock of UK FDI in India at £13.2bn in 2016. UK exports to India in 2017 amounted
to £6.7bn (a 14.9% increase from 2016). Travel (28.8%), Transportation (19.8%), and
Telecommunications (12.3%) were the biggest export sectors.</p><p> </p><p>The UK-India
Joint Trade Review (JTR) announced during the Prime Minister’s visit to India in 2016,
has enabled us to better understand the bilateral trade relationship. The review has
audited existing trade flows and mapped non-tariff barriers that could be collaboratively
addressed, both at present and as we leave the EU.</p><p> </p><p>In April 2018, both
Prime Ministers agreed to forge a dynamic new trade partnership – taking forward recommendations
from the Review - to develop new trading arrangements, facilitate investment in both
directions and intensify collaboration on shared or complementary strengths.</p><p>Following
the recommendations of the JTR, the UK and India agreed to use the next phase of collaborative
work to focus on addressing non-tariff measures in three sectors: food and drink,
life sciences and ICT. This will be pursued though further business engagement and
regulator to regulator dialogues, reporting back to Ministers at the next Joint Economic
and Trade Committee.</p><p> </p><p>A further outcome of the JTR was a toolkit for
Commonwealth Countries to follow and conduct their own trade reviews, available at
<a href="http://www.cominnowealth.org/display/country-profiles/united-kingdom/" target="_blank">http://www.cominnowealth.org/display/country-profiles/united-kingdom/</a>.
The UK-India joint statement as part of the Prime Minister Modi’s visit to the UK
in April 2018 is available at <a href="https://www.gov.uk/government/publications/uk-india-joint-statement-shared-values-global-capability"
target="_blank">https://www.gov.uk/government/publications/uk-india-joint-statement-shared-values-global-capability</a></p>
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