London, January 12: The UK government today announced the doubling of its national credit support for UK businesses exporting to India. The two countries are looking for opportunities to boost trade and investment, including via a potential Free Trade Agreement, as Britain prepares to leave the European Union.
As part of the deliberations, Fox announced that the UK's national export credit agency, UK Export Finance (UKEF), has more than doubled its financial support to enable UK businesses to trade with India.
This means 4.5 billion pounds will now be available for UK companies exporting to India as well as Indian buyers of UK goods and services.
The minister said the UK government would work closely with India to break down barriers to boosting trade, which includes the latest doubling of trade finance support for UK exporters and Indian buyers of British goods and services.
He said, "India is the world's seventh-largest economy and the fourth largest investor in the UK, while UK investment in India grew by 8.8 percent in the year to 2016.
"For the first time in 40 years, the UK is preparing for its own independent trade policy, and expanding our bilateral trade and investment with India will be central to that task. It's in our shared interest to boost prosperity, generate jobs, develop skills, and enhance the competitiveness of both our countries," he said.
"There is huge potential to expand bilateral trade and investment as the UK prepares to leave the European Union (EU)," UK's Department for International Trade (DIT) said.