The government has signed a £1bn worth trade deal with India which could create more than 6,500 jobs, the Prime Minister has announced.
India’s Prime Minister Narendra Modi and Boris Johnson have met today in virtual talks after the trip to India was cancelled due to the seriousness of infections across the country.
India’s trade agreement includes more than £533m in investment which will create thousands of jobs in technology and health.The Serum Institute of India has invested support in clinical trials and the possibility of manufacturing vaccines worth an estimated £240m.
There has also been export deals worth over £446m with British businesses which could create around 400 jobs in the UK.
Johnson said, “Like every aspect of the UK-India relationship, the economic links between our countries make our people stronger and safer.
“Each and every one of the more than 6,500 jobs we have announced today will help families and communities build back from coronavirus and boost the British and Indian economies.
“In the decade ahead, with the help of new partnership signed today 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.”
International Trade Secretary Liz Truss told Sky News on Tuesday, “It’s about helping India with the immediate COVID crisis but also helping India build back better after the COVID crisis.”
The agreement is a “win win for both countries” and the agreement will see “immediate gains we can get for both countries driving jobs and growth here in Britain and in India.”
In the autumn negotiations on a full trade agreement with India will start.
Truss added, “We’ll be looking for early wins that we can gain for both countries.
“For example there are very high tariffs on cars into India and products like whisky into India – we want to see those tariffs lowered or removed to benefit industries here in Britain.
“And, similarly, there are products from India that we want to see here in the UK.
“India is the world’s largest democracy, it’s a rapidly growing economy. Currently our trade is £24bn, we think we can double that by 2030.
“This is where Britain needs to be, we need to be trading with those fast-growing parts of the world to the benefits of British people right across the country.”