Activities Round Up

Date : 10 Nov to 10 Nov 2016
Place : New Delhi
Organised by : FISME

Roundtable on Brexit-Opportunities for Indian MSMEs

Ms. Rita Teaotia, Secretary, Ministry of Commerce was invited to address the Seminar on Brexit: Prospects of India-UK FTA. The Seminar was jointly organized by the Trade Competitiveness Section, Commonwealth Secretariat and the Centre for WTO Studies, IIFT in partnership with FICCI and FISME.

India is conscious as is rest of the world that Brexit has induced a degree of uncertainty in terms of legal braces for forward trade and investment linkages, said Rita Teaotia, Secretary, Ministry of Commerce.

During the Seminar, a paper titled “Brexit: Opportunities for India” was presented by Dr. Rashmi Banga, Head, Trade Competitiveness, Commonwealth Secretariat.

According to an analysis by the Commonwealth Secretariat a well negotiated FTA can enhance bilateral trade between India and UK by 26%.

The Commonwealth Secretariat has also identified 13 new products which India can export to UK. It has estimated a market access of around USD 2 billion for these 13 products which have been identified.

Dr Banga also spoke about the India’s Commonwealth SME Association (ICSA) launched earlier this year. ICSA, a joint initiative of industry body FISME and Commonwealth Secretariat, London, would provide a sustainable platform to the SMEs in the Lesser Developed Countries (LDCs) and the region in order to source inputs for their lead products.

Anup Wadhawan, Additional Secretary, Department of Commerce, said, “Once the terms of the exit if known, the outcome will be clearer. We have to look at Brexit as an opportunity for both India and UK.”

Anil Bhardwaj, Secretary General, FISME, said, “Brexit has shifted the focus towards the commonwealth countries. People are now looking at the Commonwealth Countries for future potential areas.”

He said that London can play an important role in financing the infrastructure projects in India.

Bhardwaj said to become increase export competitiveness, it is important to increase import competitiveness as well.