UK business minister Sajid Javid will call on Commerce and Industry Minister Nirmala Sitharaman on Friday and discuss ways to strengthen trade and economic ties between the two countries. “Secretary of State for Business and President Board of Trade, UK - Sajid Javid to call on Smt @nsitharaman tomorrow,” Commerce and Industry Ministry said in a tweet on Thursday.
The meeting assumes significance in the backdrop of Britain’s decision to exit from the European Union, with which India is negotiating a comprehensive free trade agreement. With this decision, India will have to rework the proposed agreement.
The British minister is also set to hold talks with senior management of Tata Steel in Mumbai in connection with the sale of its unit in the UK. CII President Naushad Forbes had recently said that there is a lot of merit now in negotiating a separate free trade agreement with the UK.
The bilateral trade between India and the UK stood at USD 14 billion in 2015-16 as against USD 14.33 billion in 2014-15. India has received USD 23.10 billion FDI from Britain during April 2000 and March 2016.