Britain will be able to increase its exports to India by more than £2 billion per year after Brexit by cutting EU red tape, a new analysis has found.
The UK currently faces significant tariffs on its trade with India because of the European Union's failure to agree a free trade deal.
The deal has been held up for a decade by European Union regulations on intellectual property and data protection, with which India is refusing to comply.
But after Britain leaves the EU, the deal can go ahead because British trade negotiators regard the disputed EU rules as unnecessary.
UK and India can secure a far-reaching deal which will see the value of British exports to India rise from £4.2bn to £6.3bn, an increase of £2.1bn, or 33 per cent.
Imports from India to the UK will rise by around £1 billion, meaning the UK’s balance of trade will be improved.
Since Theresa May invoked Article 50 last month to begin Britain’s withdrawal from the EU, Qatar has said it intends to invest £5bn in Britain over the next five years, and Mrs May has also held trade talks with Jordan and Saudi Arabia.
Source: Bloomberg
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