The United Kingdom and India have announced a new enhanced deal on trade at a virtual summit. The deal aims to double trade between the two countries by 2030 and declares their joint commitment to start working towards a comprehensive free-trade agreement, for which discussions are due to commence in the autumn.
Britain and India announced £1 billion of new trade and investment as part of this new Enhanced Trade Partnership. Indian investments worth £533 million will be made in Britain, including £240 million by the Serum Institute for the production of Oxford-AstraZeneca vaccines and sales business. At the same time, £446 million worth of export deals were announced by British businesses in India. This builds on a trade relationship that was already worth £25.5 billion in 2019.
At the summit, the UK Prime Minister Boris Johnson and PM Narendra Modi, also launched a Roadmap 2030 to expand and deepen bilateral cooperation in five areas: people-to-people relationships,…