India's hosting of the G-20 is a pivotal moment that underscores its emerging role on the global stage. It reflects India's commitment to fostering international cooperation and addressing pressing global challenges. By convening world leaders, India aims to facilitate dialogue and consensus on issues ranging from climate change to trade.
The United Kingdom views trade with India as a crucial driver of growth and prosperity. The UK advocates for free and fair trade globally and is eager to strengthen its trade relationship with India. This involves forging new trade deals and enhancing collaboration on various trade-related matters.
In 2022, the trading relationship between the UK and India thrived, valued at £36 billion. India stands as the UK’s second-largest source of investment projects, creating over 8,000 jobs. Additionally, the UK has significantly invested in India, with a foreign direct investment totaling £34 billion from April 2000 to March 2023.
UK businesses maintain a strong presence in India, with approximately 618 companies operating there. These companies employ around 466,640 individuals and generate a combined turnover of about $50 billion as of 2021. This substantial involvement highlights the economic ties and opportunities available in the Indian market.
The UK is engaged in discussions to secure an ambitious Free Trade Agreement (FTA) with India aimed at enhancing bilateral trade further. The negotiations cover various areas, including goods, services, and investment, with the objective of creating a mutually beneficial agreement.
One significant development is the Tata Group's decision to establish its first gigafactory outside India in the UK. This investment not only strengthens economic ties but also showcases the growing collaboration between the two nations.
The UK-India partnership extends beyond just trade; it encompasses cultural, educational, and tourism exchanges. The vibrant Indian diaspora in the UK, comprising over 1.6 million individuals, plays a vital role in various sectors, including education and the workforce.
The UK has launched a £1.5 million marketing campaign titled ‘Alive with Opportunity.’ This initiative aims to showcase the strong bond between the UK and India, emphasizing the exchange of people, ideas, and culture. It also promotes trade, business growth, and Indian investment in the UK.
This campaign aligns with the UK’s goal to double trade with India by 2030. It seeks to generate interest in UK goods and services, facilitate business growth through trade, and attract new Indian investments to the UK.
In the coming year, the campaign will highlight the UK-India relationship through various channels such as billboards, celebrating business, trade, cultural, and sporting links. It aims to emphasize the promising opportunities for collaboration between the two nations.
Q1. What is the significance of India hosting the G-20?
Answer: India hosting the G-20 is significant as it showcases its role in global governance and cooperation, addressing critical international issues while strengthening bilateral relationships.
Q2. How does the UK view trade with India?
Answer: The UK views trade with India as essential for growth, advocating for free and fair trade while seeking to enhance its trading relationships through new agreements.
Q3. What are the current trading relations between the UK and India?
Answer: The trading relationship was valued at £36 billion in 2022, with India being a major source of investment for the UK, significantly contributing to job creation.
Q4. What is the focus of the Free Trade Agreement discussions?
Answer: The discussions aim to establish a comprehensive FTA that enhances trade in goods, services, and investments between the UK and India, benefiting both nations.
Q5. What is the purpose of the ‘Alive with Opportunity’ campaign?
Answer: The campaign aims to promote the UK-India relationship, highlighting trade, cultural exchange, and business opportunities while striving to double trade by 2030.
Question 1: What is the main goal of India hosting the G-20?
A) Strengthening cultural ties
B) Addressing global challenges
C) Increasing tourism
D) Expanding military alliances
Correct Answer: B
Question 2: How much foreign direct investment has the UK made in India since 2000?
A) £20 billion
B) £34 billion
C) £50 billion
D) £10 billion
Correct Answer: B
Question 3: What is the aim of the Free Trade Agreement discussions between the UK and India?
A) Reducing cultural exchanges
B) Enhancing bilateral trade
C) Limiting investments
D) Strengthening military ties
Correct Answer: B
Question 4: What is a significant recent investment by the Tata Group in the UK?
A) Establishing a new factory
B) Acquiring a bank
C) Opening a retail chain
D) Launching a marketing campaign
Correct Answer: A
Question 5: What is the population of the Indian diaspora in the UK?
A)
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