India, UK to negotiate FTA to double bilateral trade
ANI
05 May 2021, 03:37 GMT+10
New Delhi [India], May 4 (ANI): India and UK on Tuesday agreed a 2030 Roadmap which will provide a framework for bilateral relations across health, climate, trade, education, science and technology, and defence.
Prime Minister Boris Johnson and Prime Minister Narendra Modi held a virtual summit and agreed on ambitious plans for the next decade of the UK-India relationship.
They roadmap includes deepening the economic relationship through an Enhanced Trade Partnership and confirming their intent to negotiate a Free Trade Agreement with a view to doubling UK-India trade over the next decade.
India-UK adopt Roadmap 2030 in key sectors like trade, defence
By IANS |
Published on
Tue, May 4 2021 20:57 IST |
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India-UK adopt Roadmap 2030 in key sectors like trade, defence. Image Source: IANS News
New Delhi, May 4 : India and the UK on Tuesday adopted an ambitious Roadmap 2030 to elevate bilateral ties to a Comprehensive Strategic Partnership between the two countries in major sectors covering trade, defence and climate security.
The roadmap will pave the way for a deeper and stronger engagement over the next ten years in the key areas of people-to-people contacts, trade and economy, defence and security, climate action and health, Prime Minister s Office (PMO) said in a statement.
The British government has finalised GBP 1 billion worth of trade and investment with India, creating over 6,500 jobs in Britain, ahead of the virtual summit between UK Prime Minister Boris Johnson and his Indian counterpart Narendra Modi on Tuesday. The investments confirmed by Downing Street on Monday evening form part of an Enhanced Trade Partnership (ETP), which the two leaders will formally sign off during their talks. The ETP will set the ambition to double the value of UK-India trade by 2030 and declare a shared intent to begin work towards a comprehensive Free Trade Agreement (FTA). Like every aspect of the UK-India relationship, the economic links between our countries make our people stronger and safer, said Johnson.
They are also set to agree on an Enhanced Trade Partnership and commit to a UK-India Free Trade Agreement in the future.
The new package includes over £533 million of new Indian investment into the UK, covering vital sectors such as health and technology. The package will create 6,500 new jobs around the UK, 2,000 of which will be created by Infosys and HCL. Infosys has said that these jobs will be created over the course of the next three years.
Other Indian tech companies are set to create jobs as well, including MPhasis, which will create 1,000, Wipro which will create 500, and Mastek, which will create 357.
UK and India announce ambition to double trade by 2030
Prime Minister Boris Johnson and Prime Minister Narendra Modi will hold a virtual meeting today to agree a deeper relationship between the UK and India.
From:
4 May 2021
In a virtual meeting today the UK Prime Minister and Prime Minister Modi will agree deeper cooperation between the UK and India including a new Enhanced Trade Partnership paving the way for a future UK-India Free Trade Agreement
The UK and India already have a close and enduring relationship - in the last week the UK has sent £6 million worth of medical supplies to help India’s fight against Covid.