PM Modi, Boris Johnson to boost trade during virtual summit
What's the story
Indian Prime Minister Narendra Modi and his British counterpart Boris Johnson will hold a virtual summit today. The two sides have announced £1 billion of private-sector investment and have committed to seek a free trade deal ahead of the virtual meet on Tuesday. The British Prime Minister had earlier canceled his scheduled in-person visit to India due to surging COVID-19 cases. Here's more.
Quote
'The PMs will agree a huge range of commitments'
"On Tuesday the Prime Minister will hold a virtual meeting with Prime Minister Modi to agree a huge range of commitments to deepen cooperation between the UK and India, including on fighting the coronavirus pandemic (sic)," the Downing Street said.
Details
£240 million to be invested by Serum Institute
The British government has approved £533 million of Indian investment into Britain, including £240 million by the vaccine giant Serum Institute of India, and £446 million of export deals for British businesses, according to a report by Reuters. The Serum Institute investment is expected to create more than 6,500 jobs in Britain.
Measures
Both sides to also remove barriers in legal services
As part of the partnership, India and Britain will also commit to removing barriers in the Indian legal services sector that prevent UK lawyers from practicing international and foreign law in India, according to a statement by the UK Prime Minister's Office. The measure could "significantly increase UK legal services exports and UK legal services imports from India."
Other details
India-UK annual trade currently worth £23 billion
The fresh trade deal between India and Britain is a part of London's efforts to strike new trade deals around the world after its exit from the European Union. At present, annual trade between the two countries is reportedly worth around £23 billion. More than 800 Indian companies currently have a presence in the UK.