Thursday, April 22, 2021

Britain’s Brexit Deal Offers India Opportunity Of Direct Negotiations

Britain is expected to quit the European Union on March 29. This has raised concern in the global financial markets. India-Britain bilateral trade ties may go through positive as well as negative impact.

EU To Open Diplomatic Mission in Turkmenistan; Improve Economical, Political & Cultural Relations

The failed Brexit talks between England and the European Union indicates that Britain may leave the Union without a deal leading to economic impact, even a recession in Britain.

Mayuresh Joshi, Fund Manager Angel Broking emphasised saying, “If there is Brexit without a deal then there could be short-term disruption while in the long run, it makes the UK less dependent on the EU giving countries like India an opportunity to negotiate directly with the UK.”

The report published by RBI also stated that the possibilities for Brexit could offer opportunities for exporters in India in case of revision in bilateral trade ties. Britain’s Bank of England issued a warning that no-deal Brexit may cause a recession. Brexit has also been considered as the strong means of generating investments, India’s RBI governor Shaktikanta Das said:  “Brexit is a factor that has repercussions for India’s external sector. There are consequential policy challenges for India which enjoys strong trade and investment relations with the UK and the EU.”
India-UK shares strong bilateral trade ties because Britain is the top trading partner for India in terms of exports and imports. The UK is the seventh nation which has a trade surplus with India.

Analysts believe that the most important companies who have financed the Auto and steel sector often invest in the IT and pharma sector. Indian companies have invested significantly in the UK, in return, the UK has invested in the sector of health, agriculture and food products.

More News at EurAsian Times

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