About 800 Indian firms that enter the European Union (EU) using the United Kingdom as a gateway are keen to continue their ties post Brexit. Nearly half of India’s investments to the EU goes to the United Kingdom.

The annual trade between both nations stands at $24 billion. India is reportedly keen on deals facilitating the export of software, the movement of information technology and healthcare professionals, and offering a greater access for generic drugs and pharmaceutical firms.

India’s textile and garment sectors are also extremely keen on a trade pact. India’s trade rivals, Bangladesh, Cambodia, Vietnam and Pakistan, receive the benefits of preferential agreements or quotas in garments. Indian exports of garments to Europe attract a 9.6 per cent duty, making such products uncompetitive.

India, in its bid to pave the way for a post-Brexit deal, will allow 100 per cent foreign direct investment in insurance brokerages. India is also keen on deals to ease the export of software as well as the movement of IT and healthcare professionals. India’s textile and garment sectors are also extremely keen on a trade pact with the UK. These sectors are major forex earners, after software and gems and jewelry.