The UK and India said they want to double their trade by 2030, ahead of a virtual meeting between British Prime Minister Boris Johnson and Indian Prime Minister Narendra Modi yesterday.
Seeking new trading partners after leaving the EU, the British government revealed the ambition along with an announcement of ￡1 billion (US$1.4 billion) of extra trade with India, which it said would create 6,500 British jobs.
“Like every aspect of the UK-India relationship, the economic links between our countries make our people stronger and safer,” Johnson said in a statement.
Photo: EPA-EFE
The extra investment comes ahead of negotiations for a formal free-trade agreement, British Secretary of State for International Trade Liz Truss said.
“This is going to be a win-win for both countries,” Truss said on Sky News. “There are currently very high tariffs on products like cars and whisky into India — we want to see those tariffs removed to benefit businesses in Britain.”
UK-India trade is worth about ￡23 billion per year, the British government said.
In 2019, 1.1 percent of UK exports went to India, and 2 percent of Britain’s imports came from the country.
The Johnson-Modi call comes as India battles a deadly new wave in the COVID-19 pandemic, and Britain has been helping send emergency equipment and oxygen.
Johnson said that the extra trade from their deeper economic partnership would boost their respective recoveries from the pandemic.
The trade package includes ￡533 million of new Indian investment into the UK in areas such as health and technology.
The highest profile deal is a ￡240 million investment by the Serum Institute of India into their vaccine business, the British government said.
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