UK-India $1.4 billion investment deal
The Government of India and British Government recently finalised a one billion pound of trade and investment with India. This is expected to create 6,500 jobs in the UK. The deal has been finalised ahead of the virtual summit between Indian Prime Minister Narendra Modi and the UK Prime Minister Boris Johnson. The leaders will sign the deal formally during the summit. The summit is to be held on May 4, 2021.
About the new investment deal
- The deal is a part of Enhanced Trade Partnership. The Enhanced Trade Partnership is to be signed between leaders during the summit.
- The Enhanced Trade Partnership will lift restrictions to enable fruit producers across UK to export pears, British Apples and quince to India for the first time.
- The partnership will also include acceptance of UK certificatication of Free sale in India. This will remove the additional accreditation of UK medical devices in exporting to Indian market.
- Under the partnership, the countries will commit to deepen cooperation in educational services. With this the student flows and skill transfer between the countries will increase.
- It will set an ambitious target of doubling the trade between UK and India by 2030.
- It has also declared a shared intent to start the base work towards comprehensive Free Trade Agreement.
- It also covers export deals of more than 446 million Great British Pounds. This is to create more than 400 British jobs.
The trade between India and UK is 23 billion Great British Pounds a year. This is supporting more than half a million jobs a year.
Trade and Investment package of UK
The British Government recently unveiled 533 million Great Britain Pounds of Indian investment into the United Kingdom. This covers areas such as technology and health care. It also includes the 240 million Great Britain Pounds of investment to be made by the Serum Institute of India in the UK. The Serum Institute is to further expand its business to 1 billion USD in Britain.
India and UK will sign a trade deal in the future that will remove current tariffs on whiskey up to 150% and on automotive up to 125% in India.
Month: Current Affairs - May, 2021