Up to date: February 24, 2020 5:01:00 am
Submit Brexit, India and the UK are set to enhance buying and selling relationships and there may very well be a commerce deal between the 2 international locations, in keeping with Catherine McGuinness, Chair of the Coverage and Assets Committee, Metropolis of London Company.
“Based mostly on the willingness of each side, I’m certain there might be a post-Brexit commerce deal between India and the UK, however do bear in mind these items take time,” she mentioned in Mumbai.
“We’ve recognized quite a few areas the place the UK and India can work extra intently collectively in progressive monetary companies — cyber, inexperienced and fintech. In actual fact, our ties are already sturdy in these areas, and plenty of companies from the UK are already primarily based right here. Vice-versa, many Indian companies are within the UK,” McGuinness mentioned.
In spite of everything, London’s experience completely matches India’s quick rising market, she mentioned.
“Now we have additionally been working for a few years to additional tighten cooperation between the 2 international locations in insurance coverage, and to help within the improvement of India’ reinsurance market,” McGuinness mentioned.
“We are able to additionally help in making insurance coverage simpler and clearer to know right here, with a view to rising penetration of the market in India,’’ she added.
Furthermore, India’s Insolvency and Chapter Code has led to larger work between the authorized sectors, and with UK traders.
McGuinness mentioned UK insuretech companies may also assist the Indian authorities’s initiatives, offering digital platforms that may join micro-insurers, insurers, policyholders, and intermediaries and improve insurance coverage take-up.
“Two examples that come to thoughts are catastrophe & local weather change insurance coverage and cyber, each of which the Metropolis specialises in.”
The UK-India bilateral commerce stands at over £20 billion. Monetary companies accounts for a small however rising proportion — £440 million — however there may be loads of room to develop our relationship on this space, notably in areas like cyber, inexperienced finance, fintech and insurance coverage, she mentioned.
The federal government assist on each side stays sturdy, and work is already underway to strengthen ties via the continued UK-India Joint Commerce Assessment, the one of its form that the UK has with some other nation, and one which is able to lay the framework for the longer term commerce partnership.
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