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Britain intends to double trade with India
LONDON. May 3 Britain in lend* to double I he volume of its tradqwith India by the end of the century and is keen to team up with Japan to do so. British Trade Minister Richard Needhain told investors on Tuesday, reports Reuter.
He said Uritnin was deter mined to play an active part in x finUa s growth economy.
The intention must be to double the volume and therefore the value of the trade be fore the end"of the century." he said.
There Is no conceivable reason wh> we shouldn't achieve that objective in both directions the objective for Britain for the next century is tu'be riding on the back of the Indian tiger. ’
India, whiih embarked on an ambitious reform process in raid 1991. is striving to open
Its markets to increase domestic and foreign competition and to step-up investment from abroad.
Needham said Increased cooperation would depend in part on the continuation of this liberalisation process.
It depends to some extend on the way India continues to open up tier markets and free her economy." he said, adding that improvements in India's skimpy infrastructure and an improved decision-making process would also pay an important role. ■ V
But although Britain is keen to expand bilateral trade with India. Needham also advocated involving third countries.
"It's not just for Britain to see what she can-give ... we have to bring others into the picture as well." he said, citing an initiative recently agreed
India which had already identified a number of areas for cooperation.
We've isolated something • like 12 major investment opportunities in the capital sector side to work with th* Japanese on anything from steel mills to power stations.” he said.
We can make use of Japan's softer credits and reduced interest rates, and there is no doubt Japanese trading houses want to look at India as a major opportunity for them." he said.
We as an Indo-British partnership can Offer them the way."
He said India was at the -centre of a major economic regeneration." During the course of the next century. India will become one of the economic superpowers of the world.'