The UK Prime Minister’s Office confirmed the investment and stated that it was part of the enhanced trade partnership (ETP) between the two countries.
PM Narendra Modi and UK PM Boris Johnson (File Photo)
The relationship between Britain and India (Britain-India Relations) seems to be improving in recent years. The heads of the two countries have been meeting with each other in various global forums. Apart from this, the series of meetings has also been bilateral. In this episode, on Tuesday, the British Prime Minister Boris Jhonson and Prime Minister Narendra Modi held an online summit and several important agreements were finalized. In this meeting, Britain finalized one billion pounds of trade and investment with India. This would create more than 6,500 jobs in the UK.
The UK Prime Minister’s Office confirmed the investment and stated that it was part of the enhanced trade partnership (ETP) between the two countries. It is targeted to double the trade between the two countries by 2030 through ETP. In addition, Britain and India have agreed to work towards the Comprehensive Free Trade Agreement (FTA). The reason for this trade agreements and the coming together of both countries is very important. Actually, till now the relationship with Britain of India has been full of ups and downs. On the other hand, Britain’s inclination towards Pakistan has also been a reason, which has become a reason for controversy many times.
Looking to take bilateral relations to new heights: Johnson
PM Boris Johnson said, like all aspects of the relationship between Britain and India, the economic relations between the two countries make our people strong and secure. “The 6,500 jobs we announced today will help families and communities overcome the coronavirus crisis and strengthen the UK and Indian economy,” he said. “With the new partnership we signed today and the forthcoming Comprehensive Free Trade Agreement in the coming decade, we will be able to double trade with India and take bilateral relations to a new height,” Johnson said.
What is included in the investment package?
This trade and investment package includes new Indian investment of £ 53.3 million in the UK. This investment will be in areas such as health and technology. This is expected to generate more than 6,000 jobs in key sectors like health and technology. According to the statement, this includes the investment of 24 million Great Britain pounds (GBP) from the Serum Institute. The investment will be made in the vaccine business and new sales office in the UK. This is expected to generate more than one billion dollars of new business.
British companies have also received export orders of 446 million pounds. This will provide jobs to 400 people in the UK. By agreeing on ETP between India and UK, there will be immediate opportunities for British companies in India in various industries including food and beverages, biology and service sector. Non-tariff barriers on fruits and medical equipment will be reduced. With this, UK companies will be able to increase the export of their products, which will accelerate growth and employment here. Under this, both sides have immediately agreed to find a way forward on the FTA, with immediate removal of barriers in the way of market access.
What does it mean for Britain to come close to India?
Till now it was seen that Britain has been close to all its Commonwealth countries. But India has been its most important ally in this, but London’s partnership with Pakistan has also not been less. This is the reason why it has been disputed many times with India. On the other hand, after Breguit, Britain is now out of the European Union and now has to look to other markets for its development.
Out of this, the Indian market and the goods exported from here have a lot of meaning for it. Britain has been watching the Indian market for a long time, which is why Downing Street has reiterated this. The British Prime Minister’s Office said that with about 1.4 billion people, India’s population is larger than the European Union and the US. In this way, Britain is committed to negotiating a trade deal in the biggest market so far.
Also read: What happened on your birthday in space! NASA has its answer, enter birthday date and see ‘magic’