Home >Economy >India, UK announce $1.4 billion trade deal, 240 mn pounds investment by Serum Institute

India and UK announced 1 billion pounds (($1.4 billion) of private-sector trade and investment, including a 240 million pounds investment by the Serum Institute of India on Tuesday. The world’s biggest vaccine-maker will support clinical trials, research and possibly vaccine production, the British government said in a statement.

The Serum Institute, in collaboration with Codagenix, has started early-stage trials of a one-dose nasal vaccine against Covid-19.

The announcement came ahead of a video meeting between Prime Minister Narendra Modi and his British counterpart Boris Johnson, who are expected to agree on deeper cooperation that could pave the way for a free-trade agreement between their countries.

The British government is seeking to increase trade with countries outside the European Union following the Brexit. It said the trade and investment deals announced with India are expected to create more than 6,500 jobs in the UK.

“Like every aspect of the UK-India relationship, the economic links between our countries make our people stronger and safer," Johnson said in a statement. “Each and every one of the more than 6,500 jobs we have announced today will help families and communities build back from coronavirus and boost the British and Indian economies.’’

Trade between the India and UK totals about 23 billion pounds annually, less than 5 per cent of Britain’s trade with the EU.

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