Brexit: India will strengthen ties with EU, Britain-Swarup

Updated: 00:00 GMT, Jan 1, 1970 | Published: 12:40 GMT, Jun 24, 2016 |

India values its ties with both Britain and the European Union and will strive to strengthen them in the future, said foreign ministry spokesperson Vikas Swarup on Friday (June 24) as the two partners divorced after 43 years.

Britain voted to leave the European Union (EU) in a historic referendum, dealing the biggest blow to the European project of greater unity since World War Two.

“We value our multi-faceted relationship with both the United Kingdom and the European Union and we will strive to further strengthen these ties in the years ahead,” said Swarup in Tashkent, on the sidelines of Shanghai Cooperation Organisation (SCO) Summit.

World financial markets plunged as complete results showed a near 52-48 percent split for leaving. The vote created the biggest global financial shock since the 2008 economic crisis, this time with interest rates around the world already at or near zero, stripping policymakers of the means to fight it.

Bilateral trade between India and the UK stood at $14 billion in 2015-16, marginally lower from $14.33 billion in 2014-15. Meanwhile the two-way trade between India and the EU has seen a bigger dip, from $98.5 billion in 2014-15 to $88.4 billion in 2015-16.