India, UK Boost Economic Ties with 'Roadmap 2030'
India and the UK have a long-standing strategic partnership, with bilateral trade growing steadily over the past decade. Despite a slight dip in 2019-20 due to COVID, trade between the two nations reached US$ 15.45 billion. Both countries are now working on a 'Roadmap 2030' to further boost their economic ties.
Over the past decade, trade between India and the UK has seen consistent growth. From 2010-11 to 2019-20, it grew at a compound annual growth rate (CAGR) of 2%. However, the COVID pandemic led to a decline in trade in 2019-20, with lockdowns reducing bilateral trade to US$ 15.45 billion.
Post-Brexit, the UK has identified India as a priority country for bolstering bilateral ties. The UK was a significant market for Indian exports to the EU, and with the UK now independent, there's potential to strengthen this relationship. The COVID crisis has also highlighted the importance of diversifying trade baskets and establishing new partnerships, making the UK a strategic partner for India.
During Prime Minister Modi's visit to the UK in 2015, cooperation in defence, security, and energy was strengthened. As of April-January 2020-21, the UK is India's 14th largest trading partner, while India is the UK's 23rd largest export partner and 20th largest import partner. Both nations are now working on a 'Roadmap 2030' to enhance their economic partnership, focusing on trade, investment, and climate action.
Despite the challenges posed by the COVID pandemic, India-UK bilateral trade continues to show promise. With a shared history and a strategic partnership in place since 2004, both nations are committed to further strengthening their economic ties. The 'Roadmap 2030' initiative is set to play a crucial role in achieving this goal.
