India, UK set up trade working group – Modi

Britain's Prime Minister Theresa May shakes hands with her Indian counterpart Narendra Modi during the India-UK Tech Summit in New Delhi, India, November 7, 2016. REUTERS/Adnan Abidi

New Delhi: India and the United Kingdom have agreed to set up a joint working group on trade that will lay the groundwork for a new economic partnership between the two countries as the UK prepares to exit from the European Union (EU).

Indian Prime Minister Narendra Modi said on Monday that he had agreed with British counterpart Theresa May to set up a joint working group on trade, adding that its focus should not only be on goods but also services.

May’s visit is her first to a country outside Europe since taking office in July, replacing David Cameron, and is aimed at forging a new economic and trade relationship with Asia’s third largest economy as Britain looks to exit the EU by 2019. Britain is the third largest investor in India among the G-20 countries and India occupies the same spot among top investors in Britain.