In a bid to boost bilateral trade and investment, Britain and India will begin formal free trade deal talks later this year, the UK government said on Tuesday, 4 May.
Due to its massive population, India has been high on London's list of trade deal targets since Britain left the European Union last year.
UK International Trade Secretary Liz Truss informed that India and Britain would start negotiations 'in the autumn', following the announcement of a preliminary 'Enhanced Trade Partnership' deal.
In an interview with Sky news, Truss said that the country wants to get these negotiations completed as soon as possible. The channel touted the partnership package worth 1 billion ($1.4 billion, 1.2 billion euros).
"Of course, FTAs (Free Trade Agreements) take longer, this is the immediate gains that we can get for both countries, driving jobs here in Britain and in India," Truss added.
Ahead of a virtual summit with his Indian counterpart Narendra Modi, UK Prime Minister Boris Johnson announced new UK-India trade and investment worth £1 billion, this includes an investment of £240 million by the Serum Institute of India (SII) for its vaccine business in Britain.
“Like every aspect of the UK-India relationship, the economic links between our countries make our people stronger and safer,” Johnson said in a statement.
According to Reuters, the two countries will finalise an 'Enhanced Trade Partnership' that is said to lift export barriers on medical devices.
"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," Johnson said.
(With inputs from AFP and Reuters)
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