World

UK trade delegation heads to India after Brexit trigger

Britain is now looking to strike new trade deals over the coming years with non-EU countries

Afp April 02, 2017

Britain is set to become the first European Union member to leave the bloc following a referendum last year. PHOTO: AFP

LONDON: British finance minister Philip Hammond will head a business delegation to India next week in an effort to boost international trade as Britain begins the process of leaving the European Union.

Chancellor of the Exchequer Hammond will be joined by International Trade Minister Mark Garnier and Bank of England governor Mark Carney for the high-level talks in New Delhi and Mumbai.

"As we leave the EU and embark on an exciting new phase of our economic history, looking to boost our trade and investment beyond the borders of Europe and strengthening our relationships with the world's most vibrant economies is more important than ever," Hammond said in a statement.

Post-Brexit relations discussed

Nine months after the shock referendum vote in favour of Britain exiting the European Union, Prime Minister Theresa May on Wednesday formally activated Article 50 of the Lisbon Treaty, starting a two-year countdown for quitting the bloc.

May insists that Britain will pull out of the European single market to control EU immigration as part of her Conservative government's Brexit plans.

Britain is now looking to strike new trade deals over the coming years with non-EU countries, although it cannot do so while still a member of the bloc.

Next week's talks form part of the annual UK-India Economic and Financial Dialogue and Hammond's delegation will include leaders from the field of UK financial services.

EU vows unity as Britain braces for Brexit

India's "finance sector is undergoing a significant transformation, with new payment firms, small finance banks and insurance players entering the field", the Treasury statement said.

"This shift presents enormous opportunities for the UK to work much more closely with India's own exciting Fintech sector."

The statement added: "The trip is also a significant opportunity, following the triggering of Article 50, for the chancellor to discuss Britain's new role in the world, as it prepares to revitalise its links with friends and allies, opening up new markets and new opportunities for British businesses."

COMMENTS (1)

Striver | 7 years ago | Reply Britain is lookiimg to forge new trade relations with nonEU countries including India. The reason India has been chosen first is in line with the US-UK plan to prop up India against China. In the short term India stands to benefit from this approach. In the long term the region will be the looser. Historically India has acted aggressively against its neighbours when it feels strong. US-UK policies are not well thought through. Expect more horror stories coming out of the region as a result. More loss of Pakistani lives from terrorists backed by India Our self-centred leaders seem to have an insatiable thurst for dollar and pound sterling. Pakistan's foreign policies are in the the hands of foreogn state actors. Why therefore waste money on a competent foreign minister. I won't be surprised to learn one day that our PM who also is the FM is claimg salaries for both posts. Amazing leadership!

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