The union cabinet on Wednesday approved the signing of Memorandum of Understanding (MoU) between India’s Ministry of External Affairs and Foreign, Commonwealth and Development Office (FCDO) of the United Kingdom. Under this MoU, India and UK have agree to launch the Global Innovation Partnership which will support Indian innovators to scale up their innovations in third countries. The GIP innovations are also focussed on Sustainable Development Goals (SDG).
The cabinet, chaired by Prime Minister Narendra Modi also approved the signing of Memorandum of Understanding (MoU) between UK and India on Migration and Mobility Partnership. This MoU is aimed at “liberalising” issuance of visas promoting mobility of students, researchers and skilled professionals. This will also strengthen cooperation on issues related to irregular migration and human trafficking between the two sides.
“The MoU would benefit Indian students, academics, and researchers, migrants for professional and economic reasons and those willing to contribute through various projects to the economic development of both countries without consideration of caste, creed, religion or gender,”the government said in a statement.
India and the UK will begin negotiations for a comprehensive Free Trade Agreement (FTA) from autumn this year after the Enhanced Trade Partnership (ETP) was formally signed between the trade ministers on both sides on Wednesday.
British Trade Secretary Liz Truss and Commerce and Industry Minister Piyush Goyal have signed the UK-India Enhanced Trade Partnership agreement, aimed at doubling bilateral trade by 2030.
“Today I signed the UK-India Enhanced Trade Partnership with my friend @PiyushGoyal. Together, we have committed to – negotiating a comprehensive free trade deal, starting this autumn, more than doubling trade by 2030 and reducing barriers to trade in key industries, Truss said in a tweet on Tuesday.
PM Modi and his British counterpart Boris Johnson on Tuesday launched the ‘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, the Ministry of External Affairs said in a press release on Tuesday.
As part of the ETP, India and the UK agreed on a roadmap to negotiate a comprehensive and balanced FTA, including consideration of an Interim Trade Agreement for delivering early gains. The enhanced trade partnership between India and UK will generate several thousands of direct and indirect jobs in both the countries, it said.
The outcomes of the India-UK virtual summit have marked a transformation in the bilateral relationship as it paved the way for expansion of cooperation in a range of areas like trade and investment, climate change and migration, British High Commissioner Alex Ellis said on Wednesday.
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