UK Minister for Asia Mark Field has dispelled the concerns of Indian investors and businesses in the UK. He sought to offer assurances to investors and businesses looking to the UK market amidst the Brexit ambiguity.
UK Minister for Asia and Pacific urged the businesses to not to give much attention to the status of the trade deal with India. This was dependent on UK’s ability to secure a deal with the EU. Mr. Field argued that UK’s partners have continued irrespective of trade deals were there or not. He was speaking at the Foreign and Commonwealth Office, as quoted by the Hindu.
Regarding UK’s relationship with India, Mark Field said that the strategic partnership has been the strongest. There was no reference to a partnership with India in the Tories election manifesto for June 2017. However, the government and party have been committed as before to enhance the relationship with India, said Mr. Field.
The UK Minister was in the camp of Remaining in EU in the 2016 Brexit referendum. He said that this can be made to work by having an approach that is positive and buccaneering. The next few years will have some ambiguity added Mr. Field. There are no plans of having a transition period of 2-3 years in the big picture. Brexit shall also pass, said the Minister.
The message for Indians in the UK market is that everything is, as usual, said Mr. Field. It is apparent that some aspiring investors could delay the investments owing to the ambiguity he added. They should be able to go ahead with their plans at the earliest, he hoped.
It was yet to be finalized as to when the talks for free trade agreement with India would commence, said the Minister. This was reliant on the terms of transition deal arrived with the EU, explained Mr. Field.
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