§ 25. Mr. GardinerTo ask the Secretary of State for Trade and Industry if she will make a statement about the work of Indo UK Partnerships and the Indo UK Round Table. [25573]
§ Nigel GriffithsThe UK's political and business relations with India, a key partner, are a very high priority for this Government. My right hon. Friend the Prime Minister's visit confirms this. We are making good progress, helped by the Indo-British Partnership for trade and investment and the UK/India Round Table for new thinking about our wider bilateral relations.
The Indo-British Partnership (IBP) was created in 1993 by the then Prime Minister to promote trade and investment. During his recent visit to India my right hon. Friend the Prime Minister met the British and Indian co-chairs of the IBP. Since its inception, the IBP has seen a substantial increase in bilateral trade. The UK is now India's second largest trading partner after the US. By the end of 2000 bilateral trade was worth £5 billion. That year UK exports to India grew by 32 per cent. The UK accounts for over 6 per cent. of India's total foreign trade.
The UK/India Round Table, which meets again in April, was established in April 2000 by the two Foreign Ministers. It has produced a series of constructive recommendations for enhancing bilateral relations.