You can see this in terms of competition between the UK and the EU – who will sign a trade deal first? – but I think it is more helpful to see it in terms of India opening its economy to the world. After all, the EU tried to do a free trade agreement with India back in 2007 (when of course the UK was a member) but negotiations were abandoned in 2013 “due to a gap in the level of ambition between the EU and India”, as the European Commission website reports.
The economic balance has shifted massively over the past decade. India was then a much smaller economy than the UK. Now it is roughly the same size – it probably passed the UK last year, but we don’t have full figures yet.
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