India And UK Aim To Double Trade By 2030
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India And UK Aim To Double Trade By 2030

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New Delhi: Prime Minister Narendra Modi and UK Prime Minister Boris Johnson will hold a virtual meeting on Tuesday to agree on a deeper relationship between the UK and India across trade, health, climate, and defence, the British High Commission (BHC) has announced.

A British High Commission release said that this plan includes agreeing on an Enhanced Trade Partnership, to unlock new opportunities for Indian and British businesses, and committing to negotiate a UK-India Free Trade Agreement (FTA).

The partnership sets the ambition to double the value of UK-India trade by 2030 and declares the two countries’ shared intent to begin work towards negotiations on a comprehensive FTA. India is by far the largest market the UK has committed to negotiating a trade deal with to date, the release added.

The Prime Ministers will also announce £1 billion in new UK-India trade and investment, including in vital and growing sectors such as health and technology, BHC said.

The UK-India business community has demonstrated its strength over the last week in response to India’s coronavirus surge. The British Asian Trust has raised over £1.6m in the last week through their emergency appeal and UK business leaders have mobilised in response to the Indian High Commission’s request for vital equipment. BOC Ltd has donated 5,000 empty oxygen cylinders, the first of which were transferred to Chennai this morning by the Indian Air Force.

Boris 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 the 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.””

Alex Ellis, High Commissioner to India said: “Trade and investment between the UK and India is already significant, creating jobs and growth in both countries. Today our Prime Ministers have set an ambitious target of doubling trade by 2030 and announcing £1 billion of new trade and investment. I will work tirelessly with our Indian friends and partners in the public and private sector to fulfil our leaders’ ambition.””

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