This panel discussion brought together policymakers, analysts and industry figures as part of the ‘Enablers and Obstacles to UK-India Trade’ project. Panel members included: PI (Sunil Mitra Kumar, King’s College London), Yashodhara Dasgupta (Senior Trade Policy Adviser, British High Commission, New Delhi), Param Shah (Chair, FICCI, UK), Mohan Kumar (Chairman of Research and Information System for Developing Countries (RIS), India), Rohit Mehrotra (CEO, NMK Textile Mills India Private Limited). The audience included postgraduate students in India and the UK, industry figures (specifically, members of the UK India Business Council), academics from India and the UK, and members of the general public.
The background and focus of the panel discussion was as follows: On January 13th 2022, India and the UK resumed negotiations for signing a Free Trade Agreement (FTA). As an interim step in lieu of a full agreement, both countries are open to signing an interim ‘early harvest’ pact. While India is seeking easier market access for agricultural products and better access to visas and immigration for Indian citizens, the UK wants India to lower tariffs on exports including whisky, automobile and wind turbine components. Ambitions aside, at present both countries have a modest share in each other’s share of trade. As of 2019, although UK is India’s 3rd largest trading partner, India is 15th largest for the UK. In relative trade terms, both the USA and China have significantly higher trade shares with both countries. UK-India Trade: FTA negotiations, Indian exports & the role of small firms And, while the significance of Small and Medium Enterprises (SMEs) and MSMEs for India’s economic growth, trade and employment is widely recognized, it is less clear how a UK-India trade agreement will effect SME and MSME activities and role in Indian exports. Questions for the panel discussion: What are the prospects of a UK-India FTA being signed soon given the current pace and sticking points in negotiations? Should we expect relative trade shares to change significantly given the existing primacy of USA and China in both countries’ trade portfolios? In what time horizon? What is the importance of Indian SMEs and MSMEs in UK-India trade in both goods and services? In what ways and to what extent do the current negotiations reflect the needs and priorities of export-oriented SMEs and MSMEs in India?
The event details can be found here: https://www.eventbrite.co.uk/e/uk-india-trade-fta-negotiations-indian-exports-the-role-of-small-firms-tickets-259363722877?aff=odeimcmailchimp&mc_cid=d046fa83dd&mc_eid=UNIQID#