UK, India announce Rs 10,000 crore trade partnership

05 May 2021 CW Team

India and UK have announced the first enhanced trade partnership as a precursor to a free trade agreement in the virtual meeting held between UK Prime Minister Boris Johnson and Indian Prime Minister Narendra Modi.

The trade partnership will remove the current restrictions on the export of British fruit and medical devices to India and approve UK higher degree certifications in India. The two countries have also decided to remove barriers that restrict UK lawyers from practising international law in India. The free trade agreement (FTA) could also lower taxes on British products such as whisky.

The UK and Indian Government together invests a total of Rs 10,000 crore in their new UK-India trade. Serum Institute of India (SII) will invest Rs 2,400 crore to support Britain鈥檚 clinical trials, research and development and manufacturing of vaccines. Previously, SII joined hands with US biotech Codagenix Inc to start Phase-1 trials in the UK of a nasal vaccine against COVID-19 The Indian pharmaceuticals major will also open a new sales office in the UK worth Rs 7,300 crore.

British Petroleum (BP) has decided to decarbonise Infosys campuses across India to produce e-bicycles, and Cambridge Medical Robotics (CMR) Surgical to export a surgical robotic system to assist the Indian surgeons.

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