This article argues that Brexit allows the UK to forge stronger trade links with rapidly growing economies outside the EU, potentially offsetting the loss of European trade. The focus is on the recently signed trade deal with India, highlighting India's projected economic rise to become the world's third-largest economy by 2028.
The analysis emphasizes the pre-existing growth in UK-India trade, even before the formal agreement, demonstrating natural economic synergy. The article cites the Tata group's successful intervention in Jaguar Land Rover as an example of this interconnectedness, as well as the potential for collaboration in sectors such as pharmaceuticals and defense. The growing service sector in both countries is also highlighted as a source of potential mutual benefit.
The article further examines the potential for enhanced trade relations with the US and China, suggesting the UK might secure more advantageous deals compared to the EU. The analysis points to the UK's position in attracting Chinese students and its relatively less protectionist stance as factors facilitating negotiations with China. It acknowledges the complexities and uncertainties in relations with both countries but maintains a positive outlook on achieving favorable trade agreements.
While advocating for stronger relationships with the US, China, and India, the article emphasizes that these relationships are not meant to replace trade with Europe; rather, they aim to diversify and strengthen the UK's economic standing.
The final section delves into India's rapid economic growth and its implications. It highlights the significant opportunity presented by India's expanding middle class while also acknowledging potential challenges, including environmental concerns and political uncertainties.