Prospects for UK-India Trade in Services: Assessment of Opportunities and Challenges

Tender description

The UK and India enjoy a strong bilateral trade and investment relationship. Bilateral trade between UK and India currently stands at around £20 billion. Investment is equally strong; the two countries are among the top 5 investors in each other's economies. There is scope to further enhance this relationship. The two governments have committed to building 'the closest possible economic and commercial relationship'. In November 2016, the UK has established a substantive trade policy dialogue with India. Both countries set up a Joint Working Group (JWG) on trade under the UK-India Joint Economic and Trade Committee (JETCO), created in 2005 to develop the India-UK strategic economic & trade partnership. The aim of the JWG is to work together to resolve existing barriers to trade and deepen two-way trade between the two countries. In this regard, both sides are already working on mutually agreed set of goods sectors and have agreed to expand the remit of the JWG to cover trade in in services.