British Prime Minister Johnson and Indian Prime Minister Narendra Modi met online on Tuesday (4), pledging to make a “quantum leap” in bilateral relations and commit to doubling bilateral trade by 2030, foreign media reported.
In a statement issued after the meeting, Johnson said a “new era” of bilateral relations had been launched with India, the world’s largest democracy, and that Britain would continue to support India’s response to the Newcastle Pneumonia (CCP) epidemic. The UK has sent emergency equipment and oxygen to help the country cope with the surge in confirmed cases.
The UK is currently seeking to strengthen its diplomatic and economic alliances following its departure from the EU and is preparing for a G7 summit in June. The UK also announced an additional £1 billion investment deal with India, of which £533 million is new Indian investment in the UK’s healthcare and technology sectors, among others, expected to create 6,500 jobs in the UK.
The two sides will negotiate a formal free trade agreement, with talks expected to start in the fall.
British International Trade Minister Liz Truss said that the cooperation between Britain and India is a win-win situation, and pointed out that the current tariffs on British exports of cars and whiskey to India are very high, and the British side hopes to withdraw these tariffs, which is expected to benefit British companies.
According to British government data, the current annual trade between the UK and India is about 23 billion pounds, equivalent to less than 1/10th of the trade between the UK and the EU. 1.1% of UK exports to India and 2% of imports from the country in 2019.
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