UK and India set target to double trade partnership by 2030
May 04, 2021 (MarketLine via COMTEX) —
The UK and Indian governments have announced plans for a new Enhanced Trade Partnership with an aim to double their trade partnership by 2030.
The leaders of both nations will hold a virtual meeting to agree deeper cooperation between the countries across trade, health, climate and defence.
The new enhanced trade partnership to create new opportunities for both Indian and British businesses, and to negotiate a UK-India Free Trade Agreement (FTA).
The Prime Ministers of both the nation will also announce $1.38bn (£1bn) of new trade between the UK and India and investment in vital and growing sectors including health and technology.
Last week, the British Asian Trust has supplied $8.32m (£6m) worth of medical supplies to India help it to fight against Covid-19.
Meanwhile, British industrial gas company BOC has donated 5,000 empty oxygen cylinders, which were initially transferred to Chennai by the Indian Air Force.
High Commissioner to India Alex Ellis said: “Trade and investment between the UK and India is already significant, creating jobs and growth in both countries.
“Today our Prime Ministers have set an ambitious target of doubling trade by 2030 and announcing £1bn of new trade and investment.
“I will work tirelessly with our Indian friends and partners in the public and private sector to fulfil our leaders’ ambition.”
The new $1.38bn (£1bn) UK-India trade and investment includes more than $739.2m (£533m) of new Indian investment in the UK, in sectors such as health and technology.
This trade deal is expected to create more than 6,500 new jobs around the UK and boost economies of both the UK and India.
http://www.datamonitor.comRepublication or redistribution, including by framing or similar means, is expressly prohibited without prior written consent. Datamonitor shall not be liable for errors or delays in the content, or for any actions taken in reliance thereon
Copyright (C) 2021 Datamonitor. All rights reserved
