E-Paper
Partners in a Global Economy
Britain and India share a global vision and democratic values. This includes a commitment to the rule of law, governance, and the promotion of human rights. The vision of both Prime Ministers was set out in the New Delhi Declaration of January 2002.
Britain and India share a global vision and democratic values. This includes a commitment to the rule of law, governance, and the promotion of human rights. The vision of both Prime Ministers was set out in the New Delhi Declaration of January 2002.
UK and India both play a proactive role in international affairs. Both have a strong interest in success of multilateralism. Both play vital roles in the UN, WTO, Commonwealth and range of other bodies. UK strongly supports India's candidature for a Permanent Seat in Security Council and will continue to work with India to achieve this.
India becoming increasingly important in the global economic arena - world's fourth largest economy in purchasing power parity terms [UK the 4th in dollar terms] and is amongst the world's top five fastest growing economies, with real GDP growth now breaking through critical 7% barrier.
Indo-British partnership prospering: two-way trade of goods and services has increased in the past 10 years. It has grown by 69% since the IBP was formed in 1993. Two-way trade of goods now rising by 20% per annum; trade in services probably rising faster and accounts for at least 25% of trade. UK is largest market for Indian IT services (12% of IT services exports - nearly $1 billion). UK-India bilateral trade of goods and services was close to £5 billion (US $7 billion) in 2002.
But real partnership is through strength of investment in both directions. Since 1993, almost 2000 new Indo-British joint ventures have been approved by the Government of India. UK has 9.8% of new investment approved since 1991. UK is the 3rd biggest inward investor to India.
