(London) The United Kingdom announced on Monday evening a new trade and investment partnership with India in the amount of one billion pounds sterling (1.7 billion Canadian dollars) including in particular an investment from the Serum Institute of India (SII) in vaccines in the UK.
Posted on May 3, 2021 at 5:45 p.m.
The deal, which in total is expected to create more than 6,500 jobs in the UK according to the UK government, includes a new Indian investment of £ 533million in the UK.
Of this sum, 240 million pounds (410 million Canadian dollars) will be invested by the Serum Institute of India, which is one of the manufacturers of the AstraZeneca vaccine, to support clinical trials, research and development and possibly also the production of vaccines. .
Boris Johnson was due to travel to India but had to cancel his trip due to the wave of the coronavirus pandemic currently sweeping the country. London has sent £ 6million worth of medical supplies.
“In the coming decade, with the help of the new partnership signed today and a full free trade agreement, we will double the value of our trade with India and take the relationship between our two countries to new summits, ”Boris Johnson said in a statement.
Trade between India and the former British colonial power is already worth £ 23 billion a year.
According to Downing Street, British Prime Minister Boris Johnson and his Indian counterpart Narendra Modi will during a virtual meeting on Tuesday to deepen cooperation between the two countries, paving the way according to London for a future free trade agreement.
Such a prospect nevertheless seems far from certain, the Indian Prime Minister finding himself rather in a dynamic of “Made in India” and of a self-sufficient India.
Last year it abruptly refused to join the Regional Comprehensive Economic Partnership (RCEP), a free trade agreement between 15 countries in the Asia-Pacific region, with New Delhi fearing that the agricultural, commodity sectors dairy products and services are at a disadvantage.
Discussions between the European Union and India on a free trade agreement are set to resume this month, eight years after a series of 16 failed talks.
With nearly 1.4 billion inhabitants, India is one of the priority markets for the post-Brexit United Kingdom, focused on the Asia-Pacific region.