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India And UK Launch Enhanced Trade Partnership, Set Target Of More Than Doubling Bilateral Trade By 2030

Capital Market 

Prime Minister Narendra Modi and Boris Johnson, Prime Minister of the United Kingdom held a Virtual Summit yesterday. An ambitious 'Roadmap 2030' was adopted at the Summit to elevate bilateral ties to a 'Comprehensive Strategic Partnership'. The Roadmap will pave the way for a deeper and stronger engagement over the next ten years in the key areas of people to people contacts, trade and economy, defence and security, climate action and health. The two leaders discussed the Covid19 situation and ongoing cooperation in the fight against the pandemic, including the successful partnership on vaccines. Prime Minister Modi thanked Prime Minister Johnson for the prompt medical assistance provided by the UK in the wake of the severe second wave of Covid19 in India. Prime Minister Johnson appreciated India's role in extending assistance to the UK and other countries over the last year, including by way of supply of pharmaceuticals and vaccines.

The two Prime Ministers launched an 'Enhanced Trade Partnership' (ETP) to unleash the trade potential between the 5th and 6th largest economies of the world and by setting an ambitious target of more than doubling bilateral trade by 2030. As part of the ETP, India and the UK agreed on a roadmap to negotiate a comprehensive and balanced FTA, including consideration of an Interim Trade Agreement for delivering early gains. The enhanced trade partnership between India and UK will generate several thousands of direct and indirect jobs in both the countries.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Wed, May 05 2021. 09:30 IST
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