Prime Minister Announces £1Bn Trade Deal With India

Prime Minister Announces £1Bn Trade Deal With India

By Ben Kerrigan-

The prime minister has announced a new trade and investment deal with India worth £1bn.

The incredible  deal includes more than £533m of new investment from India into the UK,  expected to create about 6,000 jobs,

Downing Street expressed optimism about the new partnership, brought about through the UK’s intervention with the coronavirus crises that has ravaged India.

Mr Johnson said the deal will “pave the way” for a future UK-India Free Trade Agreement.

“The economic links between our countries make our people stronger and safer,”  Mr Johnson said.

India has been desperately battling with its coronavirus epidemic, and  the British Asian Trust has raised more than £1.6m in the last week through its emergency appeal.

On Monday, India called the army to assist with its crippling crises.

The deal, announced ahead of a virtual meeting with India’s Prime Minister Narendra Modi, includes a £240m investment by the Serum Institute of India, which will support clinical trials, research, and possibly the manufacturing of vaccines.

Serum has already began phase one trials in the UK of a one-dose nasal vaccine for coronavirus, in partnership with Codagenix.

Downing Street said that some 667 UK jobs will be created at Q-Rich Creations, 500 jobs at Wipro and 465 at 12 Agro.

“Each and every one of the more than 6,500 jobs we have announced today will help families and communities build back from coronavirus and boost the British and Indian economies,” said Mr Johnson.

The deal will open several opportunities for bilateral trade and improve relations between the two countries to maximise trade and investment.

Export deals with India worth over £446m, which are expected to create more than 400 British jobs.

They include a £200m deal involving CMR Surgical, which will create 100 new UK jobs.

The company’s next-generation ‘Versius’ surgical robotic system – which helps surgeons perform minimal access surgery – will be rolled out to hospitals in India.

Trade between the UK and India is already worth around £23bn a year, supporting more than half a million jobs, according to the government.

Mr Johnson said: “In the decade ahead, with the help of 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.”

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