INDUSTRY INSIGHTS
N THE WAKE OF BREXIT AND NEW
TRADE DISCUSSIONS, THERE IS
SIGNIFICANT ROOM FOR GROWTH
THAT INDIAN BUSINESSES
CAN EXPLOIT TO THEIR OWN
ADVANTAGE.
with them lucrative long-term benefits through
technology exchanges, greater revenue through
export, and improved social exchange policies.
How these discussions will play out is difficult to
anticipate as the EU remains very patient and
slow-moving in its decisions.
the EU as one of India’s largest trading partners.
This directly indicates India’s dependence on the
EU market. The reverse, however, is not the case.
India ranks ninth in terms of trade with the EU,
severely outranked by China. In the wake of Brexit
and new trade discussions, there is significant
room for growth that Indian businesses can
exploit to their own advantage. A key indication of
the growing preference for the EU over the UK is
naturally seen in tourist figures as Britain has been
losing to Europe in terms of attracting visitors due
to its backward social policies.
India is clearly invested in deepening its
bilateral trade opportunities with the EU member
states, and accessing the common market.
The key challenges of this opportunity lie in the
two partners bridging their differences when
it comes to issues of quality control, market
access for particular goods, public services
and procurement, and sustainable production
practices. For India, while many of these
conventions will prove costly, they also bring
54
I APPAREL I
June 2019
TO THE FUTURE AND BEYOND
Brexit is a major reminder to the world to take
lessons from the modern follies of a once-great
empire. Driven by insecurity, misleading politics,
and a fear of change, the UK market has isolated
itself. This has created a natural void which a
nation like India can stand to benefit from in due
course of time. For Indian businesses, this means
leveraging the weakened stance of the UK solo
market, and attempting to expand their export
opportunities. As the UK becomes more isolated
in Europe, it will further depend on former
colonial Asian nations, and this is where India
can make beneficial ties that foster long-term
sustainable growth.
On the other hand, India also has the freedom
and flexibility to look to the EU as a more
matured marketplace. Indian businesses need
to strive to see market demands of the EU as
a clarion call which motivates them to enhance
their operations, and become more global and
sustainable in their business models. The wealth
of opportunities in the EU is not limited to simply
a new market but a new ethic of carrying out
business, which can significantly upscale Indian
businesses that are willing to make the effort. And
in this case, the support of the Indian government
will prove instrumental in making the next 10
years of modern Europe tinted with the vibrancy
of the Indian tricolour.