Britain’s increased export opportunity to India, if it is outside the European Union, will be $3.2 billion, according to the Standard Chartered Trade Performance Index, which was released on March 13.

The United Kingdom’s current exports to India are worth $5.5 billion. The predicted figure for exports if Britain remains in the European Union is $9.1 billion, while it stands at $12.3 billion if the country is outside the EU, giving rise to an increased export opportunity” of $3.2 billion, according to the analysis of Notional Post-Brexit UK Exports.

The United Kingdom’s current export to China is worth $24 billion, and its increased export opportunity if it is outside the EU is $10.1 billion. The report said that like all G7 countries, the United Kingdom would significantly benefit from focusing on China, but it also faces a sizeable opportunity to capitalize on its current relations with India. According to the report, UK businesses missed projections by $4.6 billion with China and $3.6 billion with India.

The Group of Seven (G7) is an informal bloc of industrialized democracies, consisting of Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States.

The Standard Chartered Trade Performance Index reveals the size of G7 goods export opportunities in seven emerging markets — Bangladesh, China, Indonesia, India, Nigeria, Pakistan and Vietnam — termed the E7, representing a total of 49 exporting relationships.

The E7 countries offer significant potential to become key G7 trading partners, the report said. Receiving about 10 per cent of all G7 private sector exports, the E7 countries represent fast lanes to growth for G7 businesses seeking to drive export growth, it added.