HC Deb 25 October 1995 vol 264 cc1017-8
20. Mr. Spring

To ask the Secretary of State for Foreign and Commonwealth Affairs what his Department is doing to maintain the impetus of the Indo-British partnership. [36873]

Mr. Hanley

We are actively involved in ensuring that the impetus of the Indo-British partnership is maintained through a targeted series of trade missions and ministerial exchanges. In the first half of this year alone, United Kingdom exports to India have increased by 20 per cent—that is on top of 20 per cent. last year—and UK investment approvals by almost 50 per cent.

Mr. Spring

Does my right hon. Friend agree that our growing commercial links with India will be further boosted by the recent cut in Export Credits Guarantee Department rates and that our relationship with India on so many levels has never been so excellent?

Mr. Hanley

My hon. Friend is absolutely right. When the Indo-British partnership was established by the two Prime Ministers in January 1993, few would have thought that it the past two and a half years would have such a glowing history. Total bilateral trade is up by nearly 50 per cent. in those two years. UK exports to India now stand at £1.3 billion. Imports are up 18 per cent. and I mentioned our record on exports.

UK investment in India has increased tenfold from 1992 to 1994 but my hon. Friend is also right that to say that, at many different levels, we have an excellent relationship with India; long may that continue.