- India and UK to announce the boost in partnership, aiming to double trade by 2030
- Apart from trade, health, and climate change, defence will also be on the agenda of the virtual summit
- PMs of both the country to announce £1 billion in new UK-India trade and investment
India and the UK will collectively announce a new Enhanced Trade Partnership which has set the goal of doubling the trade between the two countries by the year 2030 and paving the road for a future UK-India Free Trade Agreement during the virtual summit between the prime ministers of the two countries on Tuesday.
This is being considered to be one of the chirf point from the summit.
The UK High Commission, in a statement, said, “The Partnership sets the ambition to double the value of UK-India trade by 2030 and declares the two countries’ shared intent to begin work towards negotiations on a comprehensive FTA ( Free trade agreement).
“India is by far the largest market the UK has committed to negotiating a trade deal with to date” the UK High Commission said ahead of the summit.
Apart from trade, health, and climate change, defence will also be among the top of the agenda, the statement said.
“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,” the statement said.
Referring to the assistance cooperation between two countries amidst the brutal second wave of the pandemic in India, the statement also said, “The UK-India business community has demonstrated its strength over the last week in response to India’s coronavirus surge.
“The British Asian Trust has raised over £1.6m in the last week through their emergency appeal and UK business leaders have mobilised in response to the Indian High Commission’s request for vital equipment.
“BOC Ltd has donated 5,000 empty oxygen cylinders, the first of which were transferred to Chennai this morning by the Indian Air Force”.
The Serum Institute of India (SII) is already producing the Oxford AstraZeneca vaccine for COVID-19 called Covishield for the Indian as well as the international markets. The Chief Executive Officer (CEO) of Serum Institute of India, Adar Poonawalla, has been cited in news reports as saying that he was planning to add capacity to his existing facilities by investing outside of India, possibly in the UK.
Boris Johnson, the Prime Minister of the UK was quoted saying, “Like every aspect of the UK-India relationship, the economic links between our countries make our people stronger and safer,” by the statement. Prime Minister Johnson added, “In the decade ahead, with the help of the new Partnership signed today and a comprehensive Free Trade Agreement, we will double the value of our trading partnership with India and take the relationship between our two countries to new highs”.