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Union Commerce and Industry Minister Piyush Goyal on Monday said the United Kingdom has huge export potential in India, with opportunities for British exports ranging from pharmaceuticals, petroleum products and electronics to automobiles and Scotch whisky. Highlighting the significant scope to expand bilateral trade and investments in infrastructure, clean energy and technology, he said India and the UK have complementary economies.
Speaking at the India-UK JETCO Business Plenary on Monday, Goyal highlighted the complementary nature of the two economies and stressed the need to strengthen economic partnerships to unlock new growth opportunities. "Our shared ambition is to double bilateral trade by 2030. That's barely four and a half years away," Goyal said, adding that the target should mark the beginning of greater economic cooperation between the two countries. Highlighting the India-UK Comprehensive Economic and Trade Agreement (CETA), Goyal said the pact provides zero-duty access for most Indian exports to the UK market while creating significant opportunities for British exporters. In the services space also, tremendous new opportunities have been opened up in this agreement and with the social security double contribution convention, he said, adding, I believe we can make a greater impact on each other's economies through supply of services at competitive prices, improving profitability. Goyal also highlighted the India-UK Vision 2035 as a broader framework for strengthening bilateral economic engagement. India brings scale, a deepening manufacturing base, world-class digital public infrastructure, and the youngest talent pool available anywhere in the world today. UK brings research, design, advanced technologies, and one of the world's greatest financial centers. The two together are half the story each, he said. Calling the two economies complementary, Goyal highlighted India's strengths in smartphones, pharmaceuticals, jewellery, textiles, agricultural products, steel and auto components. India is a major exporter of smartphones and pharma products, jewelry, textiles, leather goods, rice and certain agricultural products, iron and non-alloy steel, parts of machinery and auto components. Likewise, I see on the UK side, he said. Goyal also highlighted significant opportunities for the UK to increase exports to India. Huge potential to supply the subsidiary products from the petroleum value chain, important technology products from electronics and electrical equipment, and several medicaments. I also see a lot of motor cars and Scotch whisky amongst other products coming in from the United Kingdom, he said. On investment cooperation, Goyal said both countries have significant potential to expand investments across sectors, with the government ready to strengthen frameworks and mutual recognition arrangements. I think infrastructure and clean energy cooperation. project development, renewable energy, transmission lines, financing of utilities can really power sustainable growth in both our countries, he said. (ANI)
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