UK PM Boris Johnson announces 1bn Euro deal with India
London : The United Kingdom Prime Minister Boris Johnson on Monday announced trade deals between India and UK worth 1 billion Euros, including 240 million Euro by the Serum Institute of India (SII) for its vaccine business.
The announcement comes a day before he is scheduled for 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.
In the new package, Indian investments of around 533 million euros is expected which will create around 6000 new job opportunities. Deals worth 200 million euros will support low carbon growth.
The investment also includes 240 million euros that Serum Institute has announced for its business expansion in the United Kingdom. The company is aiming the production of vaccines in other parts of the world too.
SII’s investment will also support clinical trials, research and development and possibly manufacturing of vaccines. This will help the UK and the world to defeat the pandemic and other deadly diseases.
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.”
It has also been learned that the UK will be helping India with 1000 ventilators to support the nation in its fight against deadly second wave of coronavirus.