London The UK and India have signed a trade agreement that includes investment and is worth £ 1 billion. This was announced by the British government before Prime Minister Boris Johnson and his Indian colleague Narendra Modi planned to switch to video on Tuesday.
It also includes an agreement for the world’s largest vaccine manufacturer Serum Institute to invest over £ 240 million in the UK to enable studies and research.
Johnson and Modi were expected to agree on deeper cooperation between their countries that could pave the way to a free trade agreement. Since Brexit, London has been striving for such agreements with countries outside the EU.
Trade between the UK and India is around £ 23 billion a year, less than five percent of UK trade with the EU.
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British Trade Minister Liz Truss announced on Sky News on Tuesday morning that Britain and India want to start negotiations on a comprehensive free trade agreement this year. Britain is aiming to lower or even eliminate Indian tariffs on imported cars and whiskey as part of such an agreement.
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