The UK and India are set to improve trading relationships and there could be a trade deal between the two countries, says City of London’s McGuinness
Post Brexit, India and the United Kingdom are set to improve trading relationships and there could be a trade deal between the two countries, according to Catherine McGuinness, Chair of the Policy and Resources Committee, City of London Corporation.
Based on the willingness of both sides, I’m sure there will be a post-Brexit trade deal between India and the UK, but do remember these things take time, she said in Mumbai.
We’ve identified a number of areas where the UK and India can work more closely together in innovative financial services — cyber, green and fintech. In fact, our ties are already strong in these areas, and many firms from the UK are already based here. Vice-versa, many Indian firms are in the UK, McGuinness said.
After all, London’s expertise perfectly matches India’s fast growing market, she said.
We have also been working for many years to further tighten cooperation between the two countries in insurance, and to assist in the development of India’ reinsurance market, McGuinness said.
We can also assist in making insurance easier and clearer to understand here, with a view to increasing penetration of the market in India, she added.
Moreover, India’s Insolvency and Bankruptcy Code has led to greater work between the legal sectors, and with UK investors.
McGuinness said UK insuretech firms can also support the Indian government’s initiatives, providing digital platforms that can connect micro-insurers, insurers, policyholders, and intermediaries and increase insurance take-up.
Two examples that come to mind are disaster & climate change insurance and cyber, both of which the City specialises in, she said.
The UK-India bilateral trade stands at over £20 billion. Financial services accounts for a small but growing proportion — £440 million — but there is plenty of room to grow our relationship in this area, particularly in areas like cyber, green finance, fintech and insurance, she said.
The government support on both sides remains strong, and work is already underway to strengthen ties through the ongoing UK-India Joint Trade Review, the only of its kind that the UK has with any other country, and one which will lay the framework for the future trade partnership.
The UK and India are already collaborating and strengthening their trade ties through the ongoing UK-India Joint Trade Review which will lay the framework for future trade partnership between the two countries. The UK-India Joint Trade Review is the only of its kind that the UK has with any other country.