BAE Systems targets £30bn of export deals after collapse of EADS merger The US training jet contract is estimated to be worth more than $11bn (£6.8bn) and BAE's Hawk jet has emerged as an early frontrunner. However, the contract is unlikely to be awarded before 2014 and BAE, which is working on a bid with Northrop Grumman and L-3 Link, faces stiff competition from Lockheed Martin and Boeing. Howard Wheeldon, managing director of policy at UK trade body ADS and a former defence analyst, said: "Exports are crucially important to the future of the UK defence industry. BAE is well positioned in terms of its markets. Eventually we will look at Brazil too. Senior figures within BAE have also not given up hope of snatching the £13bn Indian fighter jet contract. France's Dassault was chosen by India as its preferred partner to provide 126 fighter jets earlier this year but the contract between the company and the Indian government is yet to be signed. It is understood that Ian King and Tom Enders, the chief executives of BAE and EADS, have agreed to press ahead with a restructuring of the Typhoon venture, despite the failure of merger talks. They have also been working on a new offer to put to the Indian government, which includes a reduced price for the Typhoon aircraft and an improved radar system. In regards to the prospect of a deal with India, Mr Wheeldon said: "The door is not completely closed. It is ours to gain and France's to lose. By winning the overseas contracts, BAE could also quell investor anger towards Dick Olver, the chairman, and Mr King. Invesco, which owns 13pc of BAE, is pressing for the company to continue to return cash to shareholders through a share buy-back, rather than consider further acquisitions. The export deals would provide BAE with secure long-term revenue streams and a clear source of growth outside its domestic UK market. For example, City analysts believe that securing the Saudi deal would allow BAE to press ahead with a new £500m share buy-back, because the contract involves the Middle East nation paying £500m upfront.