World Economy

Britain Faces Trade War With EU

Britain Faces Trade War  With EUBritain Faces Trade War  With EU

India is high on the UK’s list of potential trading partners once it leaves the EU in 2019, with estimates suggesting Britain can increase exports to its Commonwealth partner by more than £2 billion ($2.6 billion) per year simply by cutting EU red tape. A report by the Commonwealth nation, blasting the “slow pace” of EU talks, said Brexit will present a significant “opportunity”, EUBulletin reported. Nearly a year after Theresa May visited India to lay the foundations for future business deals, Brussels has launched an offensive in a desperate bid to muscle in and thrash out an agreement of its own. A delegation of big hitters is jetting out to New Delhi for the 14th EU-India summit to try restart negotiations this weekend. The EU is India’s largest export destination and if talks do resume, Britain could find itself battling it out with Brussels in another trade contest. The big name players at the table are European Commission President Jean-Claude Juncker, the EU’s top diplomat Federica Mogherini, European Council President Donald Tusk and Indian Prime Minister Narendra Modi.

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