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08/11/201604:09pm

Brexit has induced a degree of uncertainty in terms of legal braces for

forward trade & investment linkages: Teaotia
New Delhi, Nov 8 (KNN) India is conscious as is rest of
the world that Brexit has induced a degree of uncertainty
in terms of legal braces for forward trade and investment
linkages, said Rita Teaotia, Secretary, Ministry of
Commerce.
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TeaotiawasaddressingaseminaronBrexit:Prospectsof
India UK FTA organized in the national capital today.
The Seminar was jointly organized by the Trade
Competitiveness Section, Commonwealth Secretariat and
theCentreforWTOStudies,IIFTinpartnershipwithFICCI
andFISME.
Brexithasinducedadegreeofuncertaintyintermsof
legalbracesforforwardtrade&investmentlinkages:
Teaotia

Teaotia said, We are not clear at this point of time and

neither the UK as what will their relationship be with the
EU, with the WTO and rest of their trading partners. And
muchofwhatwewilldoinfuturewillhingeonthewaythis

emergesandthewayitisshaped.
The deepening of the relationship between India and UK is possible even without a formal trade agreement. Never
theless,ourtradewiththeEUissignificant.IndiasexporttoEUandtoUKhaveincreasedoverthelastoneortwo
decade. Never the less, they are progressively a much smaller part of our total trade with the world and this is
reflectedbothinourimportsandexports,shehighlighted.

Brexit has induced a degree of uncertainty in terms of legal b...

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DuringtheSeminar,apapertitledBrexit:OpportunitiesforIndiawaspresentedbyDr.RashmiBanga,Head,Trade
Competitiveness,CommonwealthSecretariat.
According to an analysis by the Commonwealth Secretariat a well negotiated FTA can enhance bilateral trade
betweenIndiaandUKby26%.
TheCommonwealthSecretariathasalsoidentified13newproductswhichIndiacanexporttoUK.Ithasestimateda
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Dr Banga also spoke about the Indias Commonwealth SME Association (ICSA) launched earlier this year. ICSA, a
jointinitiativeofindustrybodyFISMEandCommonwealthSecretariat,London,wouldprovideasustainableplatform
to the SMEs in the Lesser Developed Countries (LDCs) and the region in order to source inputs for their lead
products.
Anup Wadhawan, Additional Secretary, Department of Commerce, said, Once the terms of the exit if known, the
outcomewillbemoreclear.WehavetolookatBrexitasanopportunityforbothIndiaandUK.
AnilBhardwaj,SecretaryGeneral,FISME,said,Brexithasshiftedthefocustowardsthecommonwealthcountries.
PeoplearenowlookingattheCommonwealthCountriesforfuturepotentialareas.
HesaidthatLondoncanplayanimportantroleinfinancingtheinfrastructureprojectsinIndia.
Bhardwajsaidtobecomeincreaseexportcompetitiveness,itisimportanttoincreaseimportcompetitivenessaswell.
Someoftheissuesthatweredeliberateduponindepthintheseminarinclude:cananIndiaUKtradeandinvestment
agreementhelpindeepeningthisrelationshiporwilltheroadblocksinIndiaEUBTIApersistinthisFTAaswellwhat
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opportunitiescanariseforIndianexportersinthepostBrexitphaseintheUKwhatarethechallengesthatIndiamay
faceinrenewingitseconomicrelationshipwithUK.
Participants in the seminar included officers from the Government of India, representatives from trade bodies, apex
chambersofcommerceandindustryfromIndiaandUK,mediaandacademia.(KNNBureau)

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