How do you like those apples? UK’s deal with India is already bearing fruit, says Truss

UK Prime Minister and Indian counterpart Narendra Modi confirmed the ETP, estimated to be worth an additional £1billion to the British economy, on May 4.

The Government believes more than 6,500 new jobs will be created around the UK as a result.

The figure includes a £240million investment by Serum Institute of India in the UK into their vaccine business and a new sales office.

British businesses have also secured new export deals with India worth more than £446 million, which will drive UK growth and create more than 400 British jobs.

Hailing the deal, Prime Minister Johnson said: “Like every aspect of the UK-India relationship, the economic links between our countries make our people stronger and safer.

“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.”

He added: “In the decade ahead, with the help of the new Partnership signed today and a comprehensive Free Trade Agreement, we will double the value of our trading partnership with India and take the relationship between our two countries to new highs.”

Alex Ellis, High Commissioner to India added: “Trade and investment between the UK and India is already significant, creating jobs and growth in both countries.

“Today our Prime Ministers have set an ambitious target of doubling trade by 2030 and announcing £1 billion of new trade and investment.

Commenting at the time, Nayan Gala, co-founder of venture capitalist firm JPIN VCATS, suggested Mr Johnson’s announcement could lead to even bigger benefits.

He explained: He said: “It’s great to see that the UK and Indian governments have agreed to this trade partnership.

“India is a 21st century powerhouse and the UK-India trading relationship is already worth almost £24 billion, with 383 Indian companies in the UK employing more than 82,000 people.”

Mr Gala added: “The ETP will help to fuel economic recovery in a post-Brexit, post-Covid UK and really allow the UK to benefit from the immense growth India is about to experience in the coming decade.

“A free trade deal with India could be as high as £50-100 billion and will open the door to 1.3 billion potential customers for UK businesses, and provide opportunities for business improvement, consolidation, foreign expansion and diversification in a rapidly growing market.”