New Delhi, Dec 21 (IANS) British Business Minister Peter Mandelson has urged India to allow more foreign participation in key sectors like banking, insurance, legal, defence, and services.
“There are still areas like banking, insurance, legal, defence where there are regulations and tariff barriers that prevent India from allowing free trade,” first secretary of state for business Mandelson told IANS after meeting his Indian counterpart Commerce Minister Anand Sharma.

Mandelson said the two countries should look to expanding trade and investments.

“There are many British manufacturing units in India, where both the countries can look ahead for more opportunities,” the former European Union Trade Commissioner said while stressing on the need to come to an agreement on trade issues.

The two-way trade between India and UK is likely to reach $20 billion in the next five years from the present $13 billion, as per some available estimates.

“I am sure that if the regulations and tariff barriers are freed, the two countries can scale new heights.”

Peter Mandelson, the number two in the British government, is on a six-day visit to India and is likely to sign a civil nuclear agreement, according to official sources.

There have been a series of meetings between the commerce ministry and various other countries to enhance trade links.