In an increasingly global world, free trade agreements can be a critical and progressive step toward increased international integration, and they are becoming increasingly important.
The Prime Minister of India agreed to expand cooperation between the UK and India in a virtual meeting on May 4th, 2021, including a new Enhanced Trade Partnership that laid the groundwork for a potential UK-India free trade agreement.
Over £533 million in new Indian investment into the UK is included in the package, with over 6,000 jobs expected to be created in vital and rising sectors like health and technology. As unemployment is a big cause of stress, poverty, and social problems like vandalism, crime, etc.
Also, it leads to increased expenditure by the government for providing unemployment benefits. The collaboration will open up new doors for British companies exporting to India and Indian companies investing in the UK.
SNVA Ventures, an Indian company, would be investing in creating job opportunities for people in the UK. This will strengthen the ties between the two countries and remove barriers that could significantly boost economic growth. Increased job opportunities reduce inequality and improve business and consumer confidence which will stimulate growth in the long term. In the coming decade, this partnership will double the value of trading between India and the UK and take our relationship to new highs.
Speaking on the above, Co-founders of SNVA Ventures said “The value of trade between the UK and India is currently around £23 billion per year, creating over half a million jobs. The announcement of more than 6,500 jobs will assist families and communities in recovering from the coronavirus while also boosting the British and Indian economies. We have seen businesses and governments coming together to provide job opportunities to lower down the unemployment rate and boost economic growth. There are life-changing collaborations”.