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In a major development, India and the United Kingdom (UK) are set to sign an Enhanced Trade Partnership (ETP) which will pave the way for the possible doubling of the bilateral trade by 2030 and serve as a base for beginning work towards a comprehensive free trade agreement (FTA), reports Outlook India.

Announcing the development, Prime Minister (PM) Boris 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. 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," he said.

The development comes as PM Johnson is set to hold a virtual bilateral summit with PM Narendra Modi today (4 May) in a bid to bolster the ties shared by the two nations and their people.

Meanwhile, it should be noted that the UK has also signed trade and investment deals worth GBP 1 billion with India ahead of the virtual summit. These will create as many as 6,500 jobs in the UK.

The investments include a GBP 240 million investment by Adar Poonawalla led Serum Institute of India (SII) into the Pune based company's vaccine business in the UK which will also include a new sales office in the country.