Wednesday, June 29 2005 12:09 Hrs (IST) - World Time -

London: With India's role in the global economy expanding rapidly, Britain has said it is time for it to go up a gear in India-UK economic and trade partnership.

Britain's Minister for foreign trade, Ian Pearson said that more and more Indian companies are finding that partnership with UK companies and access to the UK's intellectual capital are becoming a vital tool in their efforts to develop a global presence.

"Indian firms in the UK are making major Research and Development (R&D) investments here, particularly in the IT and pharmaceutical sectors," Pearson said while speaking on UK-India Bilateral Relations at Chatham House in London yesterday (Jun 28, 2005).

"The business relationship is undoubtedly strong and growing. But with India's role in the global economy expanding rapidly, it is time for the UK to go up a gear in our economic and trade partnership. That means both developing bilateral trade and investment and working together on international issues," he said.

Pearson said, "Film production is an area of growing cooperation" between the two countries.

"By 2008 the market for Indian film production in the UK is expected to be worth 1.3 billion Pounds. Under JETCO (Joint Economic and Trade Committee set up by the two Prime Ministers) good progress is being made towards the signing of a film co-production agreement," he said.

The British Minister said yesterday, "India is the world's fourth largest economy in purchasing power parity terms, and amongst the top five of the world's fastest growing economies.