India and UK virtual Summit (International Relation)

International

India-Uk Virtual Summit

Why in News?

• The Roadmap 2030 for India-UK future relations was launched during India-UK Virtual Summit between PM Narendra Modi and UK PM Boris Johnson on 4 May, 2021.

• Announcement of declaration of Enhanced Trade Partnership as a roadmap to a comprehensive FTA, with a target to more than double the bilateral trade by 2030.
• Both sides agreed to enhance cooperation on new and emerging technologies, including Digital and ICT products, and work on supply chain resilience.
• India and the UK launched a comprehensive partnership on migration and mobility that will facilitate greater opportunities for the mobility of students and professionals between the two countries.

Purpose

• To adopt an ambitious Roadmap 2030 for elevating India-UK bilateral ties to a Comprehensive Strategic Partnership
• The two Prime Ministers launched an ‘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.
• 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.
• Several new initiatives in health, technology, energy, etc were agreed upon.
• People-to-people ties, trade, defence and security, climate and health are five areas in Indo-UK ‘roadmap 2030’ to boost cooperation
• India and UK agreed to substantially strengthen defence and security engagement, including in the maritime domain, counter-terrorism and cyberspace
• UK has also recently come up with an integrated review on security, defence and foreign policy which identifies India as a key partner
• Aims to support the transfer of inclusive Indian innovations to select developing countries, starting with Africa.

Benefits

• The Roadmap will pave the way for a deeper and stronger engagement over the next ten years in the key areas of people to people contacts, trade and economy, defence and security, climate action and health.
• The enhanced trade partnership between India and UK will generate several thousands of direct and indirect jobs in both the countries.

Note*

1. The UK is India’s second largest partner in research and innovation collaborations.
2. The Prime Minister expressed his desire to welcome Prime Minister Johnson in India as per his convenience after the situation stabilizes.
3. Prime Minister Johnson also reiterated his invitation to Prime Minister Modi to visit UK for the G-7 Summit.
4. They reiterated commitment to climate action to achieve the goals of the Paris Agreement and agreed to closely engage in the run up to CoP26 hosted by the UK later this year.

IMAGE SOURCE: HINDUSTANTIMES.COM