International Journal For Multidisciplinary Research

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Adverse Impacts of Brexit on the Trade between UK and India

Author(s) Eera Bahety
Country India
Abstract It has been 8 years since the results of the Brexit referendum on June 23rd, 2016 and the world waits with bated breath to see the deal penned down by the negotiations between representatives of the European Union and the United Kingdom. FDI flow into Britain has slowed down to a trickle. Countries like India and Bangladesh, which used Britain as a launching pad for the larger European market, had increased trade with their former coloniser; India now stands as the UK's 17th largest trade partner (Office for National Statistics Pink Book for 2019 Goods and Services). An important aspect of trade between these economic giants is the high demand for premium goods by affluent Indians, and the ability of English luxury brands to satisfy that need. However, Brexit threatens to derail this trade. The large influx of Indian workers into the UK, along with the more than 800 Indian companies which have set up operations there, ensure that signing a Free Trade Agreement with India is a priority for smooth trade to continue. This research paper attempts to highlight the adverse effects of Brexit on the trade between India and the United Kingdom, and attempts to suggest solutions for the same.
Keywords Brexit, foreign trade, UK, India, European Union, luxury trade
Field Business Administration
Published In Volume 6, Issue 4, July-August 2024
Published On 2024-07-25
Cite This Adverse Impacts of Brexit on the Trade between UK and India - Eera Bahety - IJFMR Volume 6, Issue 4, July-August 2024. DOI 10.36948/ijfmr.2024.v06i04.25087
DOI https://doi.org/10.36948/ijfmr.2024.v06i04.25087
Short DOI https://doi.org/gt5hk9
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