After Brexit, the UK and India will duplicate trade until 2030

Bisnis.com, JAKARTA – Ahead of Boris Johnson and Narendra Modi’s virtual meeting, the UK and India said they want to double trade by 2030.

In search of new trading partners after leaving the European Union, the UK government unveiled these ambitions along with announcing an additional £ 1 billion ($ 1.4 billion) trade with India that would create 6,500 jobs.

According to Foreign Trade Minister Liz Truss, the additional investments will come before the negotiations on a formal free trade agreement, with talks to begin in the fall.

“This will be Win win for both countries. “There are currently very high tariffs on products like cars and whiskey going to India. We want those tariffs to be removed to help UK businesses,” Truss said. Bloomberg, Tuesday (April 5th, 2021).

According to the UK government, Anglo-Indian trade is currently around £ 23 billion a year. In 2019, 1.1 percent of UK exports went to India and 2 percent of UK imports came from that country.

The Johnson Modi virtual meeting is held as India battles a deadly new wave of the coronavirus pandemic and has helped the UK provide emergency equipment and oxygen.

Johnson said the additional trade from their deeper economic partnership would encourage each other’s recovery from the pandemic.

The deal includes India’s £ 533 million in new investments in the UK in areas such as healthcare and technology. The biggest deal is the Serum Institute of India’s £ 240 million investment in its vaccines business.

Check out the selected videos below:

Premium content

Login Register