The Union Minister of Commerce, Industry and Textiles Shri Anand Sharma, left today for London to attend The Global Investment Conference which is taking place tomorrow. Shri Sharma will speak during a session on Global Trade Partnerships along with the British Minister of Business, Innovation and Skills Dr. Vince Cable and Dr. Olusegun Aganga, Minister of Trade and Investment, Nigeria.
Shri Sharma is also likely to have bilateral meetings with Dr. Vince Cable, and Mr. William Hague, British Foreign Secretary. He is also likely to meet Mr. Martin Kuba, Minister of Industry and Trade of Czech Republic.
During the Investment Conference Minister Sharma is likely to touch upon the global economic architecture and challenges being faced by the world trade. He may also highlight the new partnerships that India has formed during the recent time in new markets. In the bilateral meetings with the British Ministers, he will discuss the issues of mutual interest and review the growth of economic ties between India and the United Kingdom.
The bilateral trade between India and UK in 2011 stood at US$ 16.395 billion which has increased from US$ 11.619 billion in 2010 marking an increase of 41%. The exports in the year 2010 were US$ 6.454 billion which increased to US$ 8.920 billion in 2011 and the imports of US$ 5.165 billion in 2010 had also increased to US$ 7.474 billion in the year 2011. During the period January-May 2012, exports have been US$ 3.374 billion while imports have been US$ 2.772 billion taking the total trade to US$ 6.146 billion.