Despite the ongoing turmoil of the COVID-19 pandemic, the ever-turning wheel of commerce must continue. The prevailing conditions in both the UK as well as India are not hindering the nations from entering into a brand-new trade agreement that is said to be worth $1 billion.
During discussions held on the 4th of May 2021, the premiers of both nations committed to deepening their level of cooperation by building progress towards a UK-India Free Trade Agreement.
With the two nations already enjoying a longstanding and mutually beneficial relationship, this newly minted agreement will contribute over 5,600 new jobs to the UK economy.
A total investment package of over £533 million will be invested by India and will be driven to spur growth in the health and technology sectors. It should be noted that close to £200 million will be utilised to promote low carbon growth in the UK.
On an annual basis, the trade relationship between the UK and India amounts to a value of £23 billion each year and helps maintain close to 500,000 jobs.
The newly signed partnership was also developed to support the Serum Institute of India in the UK which is actively working to support and aid in the ongoing pandemic. The institute is expected to use the investment to assist in ongoing clinical trials, research, development and potentially even the development of vaccines.
The current goal of the ongoing partnership is to gradually double the value of the trade between the two nations and by 2030. With close to 1.4 billion people residing in India, they are the UK’s largest trade market and with huge growth potential.
The Enhanced Trade partnership is also expected to bring about benefits in the niches of food, drink, life science and the service sector as well!
Written by: relaks