India-UK finalise £1 bn trade deal
UK PM Boris Johnson announced that his government has finalised a £ 1 billion deal of trade and investment with India. The proposed deal will create over 6,500 jobs in UK and help families and communities build back from coronavirus and boost the British and Indian economies. The Enhanced Trade Partnership (ETP) will be officially signed during the meeting of PM Johnson with India’s PM Narendra Modi during their virtual summit on Tuesday.
ETP has the twin objectives of doubling the value of UK-India trade by 2030 and declaring a shared intent to begin work towards a comprehensive Free Trade Agreement (FTA). The pact contains over GBP 533 million of new Indian investment into the UK, encompassing areas such as healthcare and technology. At the same time, the pact will also create immediate opportunities for British businesses in India across industries including food and drink, life sciences and the service sector. The two partners will also work on resolving immediate market access barriers as well as continuing to seek further opportunities on the road to an FTA.