Financial Daily from THE HINDU group of publications
Thursday, Feb 02, 2006
Financial Daily from THE HINDU group of publications Thursday, Feb 02, 2006 |
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Industry & Economy
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Foreign Trade India, UK to target doubling of bilateral trade Our Bureau
New Delhi , Feb. 1 INDIA and the United Kingdom should aim at doubling bilateral trade and investment within the next three years, the Commerce and Industry Minister, Mr Kamal Nath, has said. Speaking at the second meeting of the UK-India Joint Economic Trade Committee (JETCO) in London on Tuesday evening, Mr Kamal Nath said that JETCO was the ideal platform for achieving this target. On the expert group on Legal Services, the Commerce Minister said that this group has prepared position papers, which would now form the basis of dialogue with various stakeholders. Mr Nath also said that a proposal was in place for a similar expert group on Accountancy. Both Mr Kamal Nath and Mr Alan Johnson, the UK Secretary of State for Trade and Industry, underscored the fact that the present level of two-way trade - at about $7 billion in 2004-05 - was dismal and did not reflect the existing trade potential. They agreed to step up efforts to double the trade volume using JETCO as platform. Mr Nath noted that UK's share of foreign direct investment (FDI) inflows was only $2 billion out of the total $40 billion FDI received by India in the last fifteen years. "What we should look for is $2 billion annually of FDI inflows from UK into India, not $2 billion cumulatively," he said. Mr Johnson pointed out that India accounted for only one per cent of UK's global trade, despite having a sixth of the World's population.
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