The bilateral trade between India and the United Kingdom has "defied" the global economic downturn and crossed the 5 billion pound mark due to the closer interaction between the countries in the information technology, healthcare and bio-technology sectors, Prime Minister Atal Bihari Vajpayee has said.
"The upward trend in trade between our countries has defied the global economic downturn. The IT, biotechnology and healthcare sectors offer enormous potential for closer economic interaction," Vajpayee said in a message to the Labour Friends of India on the occasion of the Clement Attlee lecture in London on Tuesday night.
The bilateral trade has crossed the 5 billion pound mark and is expected to double by 2007, he said.
Vajpayee said Attlee was remembered in India as the leader who presided over the transfer of power to the independent India.
The success of the Indian diaspora in the political, economic and social life of the UK has contributed a great deal to strengthen the bilateral relationship.
Meanwhile, the British Prime Minister Tony Blair said that Britain and India shared a global vision and a firm commitment to the democratic values.
"Relations between the two countries are increasingly strong and confident. This close partnership has been instrumental in increasing the trade between India and the UK to 5 billion pound, with more than 1,000 joint ventures and a presence of 450 Indian companies in the UK," he said.