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UK and India Announce $1.4 Billion Private Sector Investment | Brexit News




The deal includes investment from the Indian vaccine manufacturer Serum Institute and is a step towards a full free trade agreement.

The UK and India announced a private sector investment of £1 billion ($1.39 billion) and pledged to seek a free trade agreement. This was ahead of a virtual meeting of Prime Minister Boris Johnson and Indian leader Narendra Modi on Tuesday.

The meeting replaces the in-person visit Johnson planned to deepen cooperation last month as Britain seeks new trading partners after leaving the European Union. This visit was canceled due to a surge in COVID-19 cases in India.

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

The UK government has reached 500 million in the UK, including an investment of £240 million ($32.8 million) for the Serum Institute’s vaccine and sales business and £446 million ($6188.5 million) in India for the British. It started investing in India of £33 million ($739.2 million). business.

Some of the listed investments have already been made public.

UK estimates, combined with data from relevant companies, show that this deal will create more than 6,500 jobs in the UK.

The two countries will also take steps to lift export barriers for goods ranging from UK apples to medical devices and open India’s legal services sector to UK companies.

This partnership is seen as a step towards a full free trade agreement with the UK hopes to double its bilateral trade from its current level of around £23 billion ($31.8 billion) per year by 2030.

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 relationship to a new highest level, Johnson said.

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