Trade ties praised
Priti Patel MP, the Prime Minister’s UK Indian Diaspora Champion, welcomes the latest UK-India trade statistics that show that the total value of bilateral trade between the UK and India grew by 6.6 per cent in 2013 as compared to 2012.
According to the latest data from the Office of National Statistics, the total value of two-way trade of goods and services between the UK and India was £16.4 billion in 2013, compared to £15.4 billion in 2012. UK exports to India were valued at over £7.6 billion last year, compared to £6.9 billion in the previous year.
In the four years since 2010 when this Government came to power, from 2010 – 2013 the total value of goods and services was £63.2 billion, compared to £43.4 billion in the four years before this Government was formed. Last year, on average there was roughly £45 million in two-way transactions between the UK and India each day.
Priti said: “The 6.6 per cent growth in two-way trade last year is yet another example that the Prime Minister is delivering on his commitment to increasing the UK’s trade ties with India. UK exports of goods and services to India have significantly contributed to meeting this Government’s ambitious target of increasing annual UK exports to £1 trillion by 2020.
“I commend UK exporters for not just the strength of their enterprises, but for realising the enormous commercial opportunities that India presents now and for the decades to come. I hope this trend continues and our businesses continue to reap the benefits of investing and setting up shop in one of the world’s most dynamic economies.”