UK PM Boris Johnson announces to make a trade deal with India worth 1-billion-pound. Boris Johnson along with his Indian counterpart Narendra Modi will formally sign off during the talks. A trade of GBP 1 billion worth has been finalized by British government. British government is going to invest in India, creating over 6500 Jobs in Britain. This was announced in a virtual summit between the Prime Minister of UK, Boris Johnson, and his Indian counterpart Narendra Modi on Tuesday. The investment was confirmed on Monday evening by Downing Street. This investment formed part of Enhanced Trade Partnership (ETP), which would be signed off during the talk between the two head of the countries. The Enhanced Trade Partnership will have set their ambition to double the value of trade between UK-India by 2030.
The work on this signed trade agreement will begin with a comprehensive Free Trade Agreement (FTA). Boris Johnson said in a statement that this UK-Indian relationship would strengthen the economic links between the two countries and will make the people of the respective countries safer and stronger. Boris said that 6500 jobs, which would be created by the trade relationship between UK-India would help the people of UK and India a lot to overcome from the crisis of the COVID-19. Many families have lost their bread and butter, and are struggling to their basic need. This trade relationship is an initiative for the well being of the one who needs a healing hand to overcome the mental and financial stress going through. Boris sees a good future relationship with India after signing the trade deal and the Free trade Agreement. UK Prime Minister believes that this signoff would take the relation between UK and Indian to a new high.
A GBP of 533 million of new Indian Investment into UK would be done in the package of the new trade and Investment. This investment would be done to cover the healthcare and technology areas. From among this investment of GBP 533, Serum Institute of India is doing an investment of GBP 240 million with an idea to start their vaccine business and a new sales office in UK. This investment by Adar Poonawala, owner of Serum Institute of India would generate a new business of worth $1 Billion. The Idea behind starting manufacturing of vaccines is to support clinical trials, research, and development, to help the world and UK to defeat the coronavirus pandemic along with the other deadly diseases.
Another export deal is to be signed with India by the British business of worth GBP446 million, which would create around 400 British jobs. Downstreet said that till the date, UK has committed to negotiating a trade deal in the largest Market as the population of India is around 1.4 billion, which is almost bigger than the EU and the US combined. The Enhanced Trade Partnership between India and UK has opened the door for British business across India which includes life sciences, food and drink and the service sectors.
