May 21, 2024

Great Britain and India sign trade agreements

Great Britain and India sign trade agreements

Liz Truss

British Trade Minister is campaigning for a free trade agreement with India.

(Photo: Reuters)

London The United Kingdom and India have signed a trade agreement that includes investments of £ 1 billion. This was announced by the British government before Prime Minister Boris Johnson and his Indian colleague Narendra Modi planned to switch to the video on Tuesday.

It also includes an agreement for the world’s largest vaccine maker, Serum Institute, to invest more than £ 240 million in the UK to enable studies and research.

Johnson and Modi were expected to agree on a deeper cooperation between their countries that could pave the way for a free trade agreement. Since Brexit, London has been striving to strike such agreements with countries outside the European Union.

Trade between the UK and India is around £ 23 billion annually, less than five percent of the UK’s trade with the European Union.

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Britain’s Trade Secretary Liz Truss announced on Sky News Tuesday morning that Britain and India want to start negotiations on a comprehensive free trade agreement this year. Britain aims to reduce or even eliminate Indian tariffs on imported cars and whiskey as part of such an agreement.

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