The British government today
announced a new India-UK trade partnership to mark Prime
Minister Narendra Modi's visit here, which comes with a huge
boost for the country's economy.
The UK's Department for International Trade (DIT) said a range of new Indian investments worth more than 1 billion
pounds will create or safeguard 5,750 British jobs for the
economy as part of the new partnership, which builds on the
recommendations of the Joint Trade Review (JTR) between the
two countries which concluded earlier this year.
"Removing barriers to trade is a key way in which the UK
can capitalise on the predicted growth in world markets and so
I'm delighted we have come to this new trade partnership with
India," said Liam Fox, UK international trade secretary.
"It is clear that the opportunities for growth in trade
with India are plenty, and as an international economic
department we will continue to use tools such as trade
missions not only to boost UK exports, but also to help
businesses of all sizes forge ties and build cultivate
relationships with potential buyers and investors," he said.
According to DIT figures, total trade in goods and
services between the UK and India was 18 billion pounds in
2017, a 15 per cent increase from 2016.
UK exports to India, led by innovative machinery and
mechanical appliances, form a large part of this trade basket,
increasing significantly by 14.9 per cent.
Joint research in science and technology grew from 1
million pounds in 2008 to 400 million pounds in 2018.
The new partnership will seek to improve the
accessibility of trade for businesses in both countries, as
the UK gets ready to leave the European Union (EU).
Focusing on the three key sectors of life sciences,
information technology (IT) and food and drink, the
partnership will seek to reduce barriers to trade with an eye
on Brexit.
The UK also intends to recruit a British cyber security
industry expert to be based at the high commission in New
Delhi, with a remit to share British expertise and connecting
Indian private and public sector organisations with cutting- edge UK companies who can supply their specific requirements.
"The visit of Prime Minister Modi will see the launch of
a package of technical assistance to help India climb further
up the rankings for ease of doing business, benefitting UK
companies and the Indian economy alike. Additionally, the two
countries have also agreed to strengthen ties between their
respective agriculture industries," the DIT statement said.
Modi is in the UK on a four-day visit for bilateral
meetings with British Prime Minister Theresa May as well as
multilateral dialogue as part of the Commonwealth Heads of
Government Meeting (CHOGM).
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