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India, UK aim to double trade in 5 years; to set up CEOs Forum

New Delhi, July 29 (PTI) India and the UK today set a target to double their USD 12 billion bilateral commerce in next five years and agreed to set up a forum comprising top business leaders from the two sides to enhance economic ties. The two countries also expressed strong support for the conclusion of a broad-based Trade and Investment Agreement between India and the European Union by the end of 2010. Prime Minister Manmohan Singh, while addressing a UK business delegation accompanying his British counterpart David Cameron, said there was enough scope for furthering bilateral trade. "Prime Minister Cameron and I have decided that we should aim at doubling of our bilateral trade turnover in next five years," Singh said. The trade between the two countries has grown to USD 12 billion last year from USD 6 billion in 2003-04. He further added: "We have decided to establish an India -UK CEOs Forum. We hope that the Forum will look at the practical aspects of barriers to trade and investment." "We believe that ties shall not be only in the field of politics and at the government level. That is why we decided to set up the CEOs Forum," Cameron said, adding his visit to India was also intended "to galvanise" trade relations. The CEOs Forum will be co-chaired by Tata Group Chairman Ratan Tata and Standard Chartered Bank's CEO Peter Sands. In a joint statement issued after the meeting, the two countries said that they have agreed to establish an India-UK Infrastructure Group to provide solutions to investment barriers. It will be led by the two Governments and draw on the expertise of the private sector. The two Prime Ministers expressed their strong support for the conclusion of a broad-based Trade and Investment Agreement between India and the European Union by the end of this year. They also agreed on the importance of pressing for a conclusion of the Doha Round at the earliest opportunity, the statement said. The two sides also agreed to review the mandate, composition and structure of relevant existing bilateral bodies in the area of trade, investment and economic cooperation. Both sides also discussed India's particular interest in attracting international as well as domestic investment in infrastructure over the next decade.