India’s High Commissioner to the UK Y K Sinha today said Brexit poses challenges as well as a “set of opportunities” for India. Sinha told reporters here that before drawing any conclusion, India will have to see how the Brexit talks, between the United Kingdom and the European Union, at Brussels play out. “This (Brexit) poses challenge not just for us but for everyone. It also offers new set of opportunities. We have to wait and see how the negotiations play out. We are looking forward to enhancing our already robust bilateral relationship,” Sinha said. He was speaking on the sidelines of an event. Through a referendum in June, 2016, which went in favour of the exit camp, Britain had set the ball rolling for its exit from the 28-member EU.
There’s a view in the Indian side that unless the terms and conditions under which the UK leaves the EU are “soft”, there are chances of it affecting areas of cooperation such as Information Technology. India also believes that it will have an impact on companies operating out of London and looking at the entire Europe as a potential market. Both sides have been working towards finalising a bilateral Free Trade Agreement (FTA), but indications are such that it will take some more time for the trade agreement to materialise.