Business

£1 bn trade deal with India by UK PM

The package contains new Indian investments of more than £533 million that is expected to create more than 6,000 jobs in vital sectors such as health and technology.

UK PM and India PM – Telugodaa.com

UK Prime Minister Boris Johnson on Monday announced new UK-India trade and investment worth £1 billion, including an investment of £240 million by the Serum Institute of India (SII) for its vaccine business in Britain, ahead of a virtual summit with his Indian counterpart Narendra Modi.

The virtual summit on Tuesday will witness the roll-out of a new “Enhanced Trade Partnership” that is expected to pave the way for a future free trade agreement. More than 6,500 new jobs are expected to be created in the UK by the new bilateral trade and investment announced by Johnson.

The package contains new Indian investments of more than £533 million that is expected to create more than 6,000 jobs in vital sectors such as health and technology. Deals worth £200 million will support low carbon growth.

The investments include £240 million to be pumped in by SII for its vaccine business in Britain, and a new sales office that is expected to create a “large number of jobs”, the UK Prime Minister’s Office said in a statement. SII’s sales office is expected to generate new business worth more than $1 billion, £200 million of which will be invested into the UK.

with India worth more than £446 million, which are expected to create more than 400 British jobs. This includes CMR Surgical exporting its next generation “Versius” surgical robotic system, which helps surgeons perform minimal access surgery, to Indian hospitals under a deal worth £200 million.

The new Enhanced Trade Partnership to be unveiled by Modi and Johnson on Tuesday will address several trade barriers, including the lifting of restrictions to enable fruit producers across the UK to export apples, pears and quince to India for the first time.

Johnson said: “Like every aspect of the UK-India relationship, the economic links between our countries make our people stronger and safer…In the decade ahead, with the help of new partnership signed [on Tuesday] and a comprehensive free trade agreement, we will double the value of our trading partnership with India and take the relationship between our two countries to new highs.”

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