Roadmap 2030 for Comprehensive Strategic Partnership
India and the United Kingdom have launched an ‘Enhanced Trade Partnership’ (ETP) to unleash the trade potential between the 5th and 6th largest economies of the world and by setting an ambitious target of more than doubling bilateral trade by 2030.
As part of the ETP, India and the UK agreed on a roadmap to negotiate a comprehensive and balanced Free Trade Agreement (FTA), including consideration of an Interim Trade Agreement for delivering early gains, The Prime Minister’s Office said on 4 May 2021.
Prime Ministers Narendra Modi and Boris Johnson launched the ETP through a Virtual Summit.
India and the UK enjoy long standing friendly ties and share a Strategic Partnership underpinned by mutual commitment to democracy, fundamental freedoms and the rule of law, strong complementarities and growing convergences.
An ambitious ‘Roadmap 2030’ was adopted at the Summit to elevate bilateral ties to a ‘Comprehensive Strategic Partnership’. The Roadmap will pave the way for a deeper and stronger engagement over the next 10 years in the key areas of people to people contacts, trade and economy, defence and security, climate action and health.
The UK is India’s second largest partner in research and innovation collaborations. A new India-UK ‘Global Innovation Partnership’ was announced at the Virtual Summit that aims to support the transfer of inclusive Indian innovations to select developing countries, starting with Africa.
Johnson announced GBP 1 billion worth of UK-India trade and investment.
The package contains over GBP 533 million of Indian investment into the UK’s growing sectors such as health and technology. This includes a GBP 240 million investment by the Serum Institute of India (SII) in the UK into its vaccine business and a new sales office in the country, expected to generate new business worth over US$1 billion.
Earlier in the day, External Affairs Minister S. Jaishankar and British Home Secretary Priti Paten signed a migration and mobility partnership agreement.
Jaishankar is currently on a four-day visit to the UK to attend a meeting of foreign ministers of G7 countries.
Johnson and Modi agreed to enhance cooperation on new and emerging technologies, including Digital and ICT products, and work on supply chain resilience. They also agreed to strengthen defence and security ties, including in the maritime, counter-terrorism and cyberspace domains.
Both Prime Ministers also exchanged views on regional and global issues of mutual interest, including cooperation in the Indo-Pacific, and G7. They reiterated commitment to climate action to achieve the goals of the Paris Agreement and agreed to closely engage in the run up to CoP26 hosted by the UK later this year.
India and the UK launched a comprehensive partnership on migration and mobility that will facilitate greater opportunities for the mobility of students and professionals between the two countries. #trade #exports #investment #manufacturing #economies /fiinews.com
