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UK and India announce ambition to double trade by 2030

 


At today’s virtual meeting, British Prime Ministers and Prime Minister Modi will agree on close cooperation between the UK and India, including strengthening new trade partnerships that pave the way for a future UK-India Free Trade Agreement.

Britain and India already have a close and lasting relationship. Last week, the UK sent $6 million worth of medicines to help India fight Covid.

Prime Ministers Boris Johnson and Prime Minister Narendra Modi will hold a virtual meeting today to agree on a deeper relationship between Britain and India in the areas of trade, health, climate and defense. This includes agreeing on improved trade partnerships and committing to UK-India Free Trade Agreement (FTA) negotiations to provide new opportunities for Indian and British companies.

The partnership has set an ambition to double the value of UK-India trade by 2030, and declared a joint intention for the two countries to initiate comprehensive FTA negotiations. India is the largest market the UK has ever pledged to negotiate for trade.

The Prime Minister will also announce $1 billion in new UK-India trade and investments, including important and growing sectors such as health and technology.

The UK-Indian business community has demonstrated strength in response to the coronavirus surge in India last week. The British Asian Trust raised more than 1.6 million last week in an emergency appeal, and British business leaders mobilized to respond to the Indian High Commission’s request for essential equipment. BOC Ltd donated 5,000 empty oxygen cylinders, the first of which was relocated to Chennai this morning by the Indian Air Force.

Prime Minister Boris Johnson said:

As with all aspects of the UK-India relationship, the economic link between the two countries makes our people stronger and safer.

Over the next decade, with the help of a new partnership signed today and a comprehensive free trade agreement, we will double the value of our trade partnership with India and bring our bilateral relations to a new highest level.

Indian High Commissioner Alex Ellis said:

Trade and investment between the UK and India are already important and are creating jobs and growth in both countries. Today our Prime Minister has set an ambitious goal of doubling trade by 2030 and announcing 1 billion new trades and investments. I will work tirelessly with Indian friends and partners in the public and private sector to fulfill the ambitions of our leaders.

A future UK-India trade agreement will support hundreds of thousands of jobs and boost the economies of Britain and India.

The enhanced trade partnership will create immediate opportunities for business across industries, including: a commitment to mutual recognition of seafarer competency certificates; Independent risk-based decision-making process for proper listing and re-registration of new and unregistered Indian fishing facilities and phasing in shrimp sampling protocols; And a task force under the new medical pillar that will provide opportunities for Indian nurses and nursing staff who wish to train and work in the UK’s National Health Service.

ETP also strives to benefit businesses and consumers in both countries by continuing to seek more opportunities as both sides resolve immediate barriers to market access and negotiate FTAs.

Additional information

Trade between the UK and India is already worth 23 billion annually and supports more than 500,000 jobs.

The new UK-India 1 billion package of trade and investment includes:

Over 533 million new Indian investments in the UK in critical and growing sectors such as health and technology

The UK’s exports to India are more than 446 million. Here, CMR Surgical, which exports the next generation Versius surgical robotic system to help surgeons perform minimally accessible surgery, is being launched in hospitals in India.

200 million of these deals will support low carbon growth.

The package announced today will create more than 6,500 new jobs across the UK.

Last week, the Prime Minister spoke with the CEO of India’s leading technology companies and prominent investors Infosys and HCL.

For media inquiries, please contact:

Sally Hedley, British High Commissioner, Chanakyapuri, New Delhi 110021 Head of Communications Press and Communications Tel: 24192100

Media query: [email protected]

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