Mumbai: Prime Minister Narendra Modi and his British counterpart, Keir Starmer, on Thursday held discussions on further deepening trade and economic ties which will create more jobs and see further investment flows between the two countries.
The two countries agreed to establish an India-UK connectivity and innovation centre and a joint centre for AI, and form a critical minerals industry guild to bolster supply chains and promote green technologies, according to a joint statement issued after the meeting.
They also announced joint investment in a climate technology startup fund and set up new collaborations on health and renewable energy, an offshore wind task force, and a health research partnership, among other things.
The agreements are expected to accelerate bilateral trade growth, support the establishment of UK university campuses across India, and reinforce cooperation in harnessing frontier technologies to drive inclusive economic growth and strengthen national security.
“The path-breaking India-UK CETA (comprehensive economic and trade agreement) will create new job opportunities for youth, expand trade and benefit both our industries as well as consumers. In this context, PM Starmer and I discussed trade linkages and economic ties between our nations in the times to come,” PM Modi said after the meeting.
Both leaders looked forward to the ratification of the CETA as early as possible to realise its benefits.
Starmer said the focus of his visit was about doubling down on the potential of the trade deal, expected to take effect within a year.
“When we leave India tonight, I expect that we will have secured major new investments creating thousands of high-skilled jobs in the sectors of the future,” he mentioned.
Both leaders reiterated their commitment to improving connectivity and enhancing cooperation in the aviation sector and welcomed that both sides are discussing the renewal of India-UK Air Services Agreement, along with other aviation related matters. This provides an opportunity for both countries for closer cooperation across the aerospace sector, according to the joint statement.
The Prime Ministers of India and the United Kingdom reaffirmed their shared commitment to harnessing frontier technologies to drive inclusive economic growth, strengthen national security, and shape the future of global innovation.
Building on the landmark Technology Security Initiative (TSI), both leaders welcomed the tangible progress made across critical and emerging technologies, including telecommunications, critical minerals, AI, and health tech, the statement said.
Under the TSI, the leaders expressed happiness at the establishment of the India-UK Connectivity and Innovation Centre, a joint hub focused on developing AI native network for 6G, Non-Terrestrial Networks (NTNs), and cyber security for telecoms, with at least 24 million pounds of joint funding in the first phase of the project.
The India-UK Joint Centre for AI, advancing responsible and trustworthy AI across health, climate, fintech, and engineering biology is also being set up.
Besides, it has been decided that the UK-India Critical Minerals Processing and Downstream Collaboration Guild will build concrete partnerships which strengthen and diversify critical mineral supply chains and deliver investment and growth in both nations.
They also announced Phase 2 of the UK-India Critical Minerals Supply Chain Observatory to expand mineral coverage, further integrate advanced technologies, unlock new bilateral investment opportunities and establish a new satellite campus at IIT-ISM Dhanbad.
The UK and India continue to work together to advance biotechnology with strategic partnerships being signed between institutions like Centre for Process Innovation (CPI) UK and Biotechnology Research and Innovation Council (BRIC) institutions in India, Henry Royce Institute (HRI) and Indian Institute of Science (IISc), Oxford Nanopore Technologies (ONT) and BRIC – Centre for DNA Fingerprinting and Diagnostics (BRIC-CDFD), to deliver transformative outcomes in Biomanufacturing, 3D Bioprinting, and Genomics, the joint statement added.
(IANS)
