§ 37. Mr. DavidsonTo ask the Secretary of State for Foreign and Commonwealth Affairs if he will make a statement about the United Kingdom's trade relationship with India. [54406]
§ Mr. MacShaneThe UK's trade relationship with India is a high priority for this Government. It is highlighted by a key element of the New Delhi Declaration, which was signed by my right hon. Friend the Prime Minister and the Indian Prime Minister during his visit to India in January.
An important part of this relationship is the Indo British Partnership (IBP), which was created in 1993. Since it's inception, total bilateral trade in goods and services has grown by almost 70 per cent. and now stands at close to £5 billion per annum. Over 1,600 joint ventures have been signed.
The UK is India's largest trading partner in Europe and its second largest trading partner in the world (after the US). In 2000 (the last year for which complete figures are available) the UK accounted for over 6 per cent. of India's total foreign trade.
Trade Partners UK has a detailed business plan for further developing the trade relations with India.