Britain and India have agreed to strengthen economic ties, including over financial services and coronavirus research, the two nations announced Wednesday.
“Today we set out our ambition for even stronger ties, with an agreement that will increase investment, and create and secure jobs in the UK,” British finance minister Rishi Sunak said following the tenth Economic and Financial Dialogue (EFD) between the countries.
It comes also as the UK seeks new trading opportunities following Brexit.
The new agreements included opening up infrastructure opportunities in India to UK commercial expertise and financing.
The two countries will also work to remove regulatory and market access barriers for UK and Indian firms, while ties over fintech and green finance will be deepened.
There will be also research collaboration worth up to £8 million ($10.2 million) “to understand the impact of Covid in South Asian populations in the UK and India”.
“The UK’s economic and financial relationship with India has never been more important with the global challenges we face,” Sunak added in a statement.
Since the UK’s first EFD with India in 2007, bilateral trade has more than doubled to nearly £24 billion in 2019.
Indian investment in the UK is focused on technology, pharmaceuticals and manufacturing, including the production of Jaguar Land Rover vehicles.