Indian and UK governments have announcedtheir first enhanced trade partnership which is labeled as a precursor to afree trade agreement. The announcement came hours after Indian Prime MinisterNarendra Modi‘s digital summit with PM Johnson.
British Prime Minister, Boris Johnson hasannounced that the Serum Institute of India will invest 240 million GreatBritish Pound in the UK. The Adar Poonawalla’s SII is all set to expand itsvaccine business and set up a new sales office. The establishment of this newsales office will create a large number of jobs in the sector.
Boris Johnsons’s Downing Street office hassaid that part of plans for a 1billion Great British Pounds India-UK EnhancedTrade Partnership is expected to create 6,500 jobs in the health sector andtechnology sector as well.
This enhanced trade partnership will alsobenefit India in several ways.
It will lift restrictions on the export ofBritish fruits to India. The export of medical devices will also be commencedas a result of this trade agreement. It will enable the recognition of UKhigher education qualifications in India.
Also, the partnership will include acommitment to work to remove barriers preventing UK lawyers from practicinginternational law in India. The two nations will begin work towards acomprehensive FTA which will lower or remove tariffs on British products suchas whisky.
UK Prime Minister said that the 240 millionGBP project would include a sales office, clinical trials, research anddevelopment, and manufacturing of vaccines.
The CEO of Serum Institute is currently inLondon. In his recent interview, Adar Poonawalla has revealed that he isextremely stressed after he was pressured for giving priority access tovaccines to unnamed political leaders. He also gave a hint about setting basesin the UK for the manufacturing of vaccines.
In the official statement, UK Prime Ministersaid that the 240 million GBP project would include a sales office, clinicaltrials, research and development, and manufacturing of vaccines. The statementsaid, “The sales office is expected to generate new business worth over $1billion and £200 million of which will be invested into the UK. Serum’sinvestment will support clinical trials, research and development, and possiblythe manufacturing of vaccines. This will help the UK and the world to defeatthe coronavirus pandemic and other deadly diseases.”
Currently, the Serum Institute is doingPhase-one trials in the UK for its one-dose nasal vaccine for Covid19. If thenasal vaccine is approved, it will be produced in the UK itself.