Commerce Minister Nirmala Sitharaman has said India is in a position to face the eventuality of Britain's exit from the European Union. Talking to reporters in New Delhi on Friday, she said the first impact would be visible on currency volatility as there is a possibility of devaluation of the pound and euro. She said the impact of volatility of the currency might have an immediate impact on country's exporters. The Minister said the government will however have to keep watching currency based volatility, both in the short and the medium term and also look at the impact on overall trade.<br/><br/>Commerce Secretary Rita Teaotia said India will have to rework the proposed free trade agreement with the single-currency bloc in view of Brexit.<br/><br/>The bilateral trade between India and the UK stood at 14 billion dollar in 2015-16 as against 14.33 billion dollar in 2014-15. India has received 23.10 billion dollar FDI from Britain<br/>during April 2000 and March 2016. Two-way trade between India and the EU dipped to 88.4 billion dollar in 2015-16 from 98.5 billion dollar in the previous fiscal.