United Kingdom announces £1 billion of trade with India

05 Mai, 2021, 02:20 | Auteur: Adelaide Bullion
  • The announcements were made ahead of a virtual meeting between Johnson and Prime Minister Narendra Modi on cooperation between UK and India to enhance trade

The Prime Ministers will also announce £1 billion in new UK-India trade and investment, including in vital and growing sectors such as health and technology.

Meanwhile, as the Covid crisis in India leaves unimaginable devastation, London has been quick to send assistance.

During the virtual talks, the two leaders are expected to agree an enhanced trade partnership, which Number 10 said will pave the way for a future UK-India free trade agreement.

"The UK and India share many fundamental values".

The UK-India business community has demonstrated its strength over the last week in response to India's coronavirus surge. BOC Ltd has donated 5,000 empty oxygen cylinders, the first of which were transferred to Chennai this morning by the Indian Air Force.

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"Like every aspect of the UK-India relationship, the economic links between our countries make our people stronger and safer", Johnson said in a statement.

India's chronically underfunded public healthcare system already faced a shortage of 600,000 doctors and two million nurses before the pandemic struck. Two-way trade between the countries sits at £23 billion annually and the boost, he added, will come from the new partnership agreed today "and a comprehensive Free Trade Agreement".

The £240 million investment by SII in the United Kingdom will be in the vaccine business and a new sales office, which will create a large number of jobs.

British estimates combined with data from the firms involved, showed the deals would create more than 6,500 jobs in Britain.

The ETP also commits both sides to addressing immediate market access barriers as well as continuing to seek further opportunities as we negotiate an FTA, benefitting businesses and consumers in both countries.

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