British Prime Minister Johnson and Indian Prime Minister Modi held a virtual summit meeting on the 4th, proposing a “breakthrough” in bilateral relations. The two countries aim to double bilateral trade by 2030.
In a statement released by the British government after the meeting, Prime Minister Johnson said a “new era” with India had begun and that Britain would continue to support India, which has been hit by a serious epidemic of the new coronavirus.
The UK has announced that it will expand its trade with India by £ 1 billion. The exact period has not been revealed, but it is expected to create 6,500 jobs in the UK.
The two countries are expected to begin negotiations on a free trade agreement (FTA) this fall.
According to the British government, the size of trade between Britain and India is currently around £ 23 billion annually. It is less than one-tenth that of trade with the EU. In 2019, 1.1% of UK exports went to India, and imports from India accounted for 2% of the total.
G7 Finance Ministers to meet face-to-face in London, June 4-5
Original title:Johnson and Modi Pledge ‘Quantum Leap’ in U.K.-India Ties (1)(Excerpt)