Indian Government and UK Government formally finalised a 1 billion pound of trade and investment with India. This is expected to create 6,500 jobs in the United Kingdom. The bilateral investment deal has been finalised ahead of the virtual summit between Prime Minister Narendra Modi and the Prime Minister Boris Johnson. The leaders will sign the deal formally during the summit. The summit is to be held on 4th May 2021.
New investment deal
- The investment deal is a part of Enhanced Trade Partnership. The Enhanced Trade Partnership is to be signed between leaders during the summit.
- The Enhanced Trade Partnership will lift restrictions to enable fruit producers across United Kingdom to export pears, British Apples and quince to India for the first time.
- The partnership will also include acceptance of UK certificatication of Free sale in India. This will remove the additional accreditation of UK medical devices in exporting to Indian market.
- Under this partnership, both sides will commit to deepen cooperation in educational services. With this the student flows and skill transfer between India and UK will increase.
- It will set an ambitious target of doubling the trade between United Kingdom and India by 2030.
- It has also declared a shared intent to start the base work towards comprehensive Free Trade Agreement.
- It also covers export deals of more than 446 million Great British Pounds. This is to create more than 400 British jobs.
The trade between India and United Kingdom is 23 billion Pounds a year. This is supporting more than half a million jobs a year.
Trade and Investment package of United Kingdom
The UK Government recently unveiled 533 million Pounds of Indian investment into the UK. This covers areas such as technology and health care. It also includes the 240 million Pounds of investment to be made by the Serum Institute of India in the United Kingdom. The Serum Institute of India is to further expand its business to US$ 1 billion in UK.
India and the United Kingdom will sign a trade deal in the future that will remove current tariffs on whiskey up to 150 per cent and on automotive up to 125 per cent in India.
India-UK US$ 1.4 billion investment deal India-UK US$ 1.4 billion investment deal