Key recovery plan
UK trade deal with India ‘worth up to £100bn’
The Prime Minister will hold talks today
Boris Johnson will host bilateral talks with India’s prime minister today, confirming a trade deal which experts suggest is worth £50-100 billion.
It is being seen as a priority for both countries, and will be a centrepiece of Mr Johnson’s post-Brexit economic plan.
The UK Prime Minister and Mr Modi, who were due to meet in person before the surge in Covid-19 cases in India, will agree a number of key investments and a route towards a new free trade agreement in today’s meeting.
Downing Street said it would create 6,500 British jobs and contain more than £533m of new Indian investment into the UK, in sectors such as health and technology.
India is expected to be the third largest economy by 2030, and the vast majority of population growth and GDP is expected to be seen in emerging markets such as India.
Nayan Gala, co-founder of UK-India venture capitalist firm JPIN VCATS, said: “It’s great to see that the UK and Indian governments have agreed to this trade partnership. India is a 21st century powerhouse the UK-India trading relationship is already worth almost £24 billion, with 383 Indian companies in the UK employing more than 82,000 people.
“A free trade deal with India could be as high as £50-100 billion and will open the door to 1.3 billion potential customers for UK businesses, and provide opportunities for business improvement, consolidation, foreign expansion and diversification in a rapidly growing market.”