As Britain leaves European Union, it starts seeking for more investment opportunities outside the Union. China and India seems to be in its top priority list in this regards.
United Kingdom fastens it’s seatbelt to enter the bilateral trade relations with Non EU nations, like India and China. As a part of European Union the country had different rules and regulations related to trade with other nations but now as an independent entity it will need to restructure its trade relations globally.
The Association of British Insurers (ABI) has framed a template for the UK government which can be used to introduce new terms and conditions in the trade agreements by the finance ministry.
This template is a try from the ABI to safeguard their rights and get better benefits after the Brexit; the organization fears the banking sector to take an upper hand.
European Union does not have trade relations with Asian giants like India and China. For this reason Britain has major share in the insurance market of North America and Europe.
ABI director Hugh Savillin forms that if they need to do international business they have to make the trade regulations more relaxing. He went ahead to say that they have asked the government to allow insurance companies to own stakes in foreign companies. Also ABI has requested the government to permit inclusion of pension and savings products in the new trade contracts.
At present couple of big British insurance companies have joint ventures at India and China; Prudent and Standard Life Aberdeen, to be specific. China already has informed its plan to soften its trade regulations regarding the ownership of domestic companies by foreign investors.
Britain’s insurance and savings business is the fourth largest globally and ABI boasts of fuelling the British economy with 35 billion pounds annually and employment to 3,24000 citizens.