Ahead of the virtual summit between PM Modi and UK PM Boris Johnson, the British government announced a trade and investment deal worth 1 billion pounds with India. The two leaders are expected to formalize the Enhanced Trade Partnership during their talks later on Tuesday. The ETP will set the ambition to double the value of the bilateral trade by 2030 and declare a "shared intent" to work towards a comprehensive Free Trade Agreement. As per Downing Street, the deal envisages the creation of more than 6,500 jobs and over 533 million pounds of new Indian investment into the UK.
Speaking on Monday, UK PM Boris Johnson remarked, "Like every aspect of the UK-India relationship, the economic links between our countries make our people stronger and safer. Each and every one of the more than 6,500 jobs we have announced today will help families and communities build back from coronavirus and boost the British and Indian economies. In the decade ahead, with the help of new partnership signed today and a comprehensive Free Trade Agreement, we will double the value of our trading partnership with India and take the relationship between our two countries to new highs."
Here are some of the aspects of the deal unveiled by the UK:
- The Serum Institute of India will invest 240 million pounds in the UK in pursuance of supporting clinical trials, research and development and manufacturing vaccines. It is expected to generate new business worth over $1 billion
- HCL, Global Gene Corp, TVS Motors and Goila Butter Chicken are some of the Indian firms which feature in the investment deals
- British businesses have secured export deals with India worth more than 446 million pounds which might result in the creation of over 400 jobs
- CMR Surgical shall export the Versius surgical robotic system, which helps surgeons perform minimal access surgery, to India
- The export deal is worth 200 million pounds. Some of the UK companies clinching export deals with India include Morningside Pharmaceuticals with an R&D pact, Kloudpad with a data centres deal and BP in a partnership with Infosys
- New opportunities for British businesses in India in various industries including food and drink, life sciences and service sector
- The ETP will enable fruit producers in the UK to export British apples, pears and quince to India for the first time
- A commitment to concluding work on the recognition of UK higher educational qualifications
- Both nations will work on removing barriers that prevent UK lawyers from practising international and foreign law in India
(With PTI inputs)