Wednesday, July 28, 2021

India and UK –Mapping new Horizons

The Union Cabinet, chaired by PM Modi has approved the signing of the Memorandum of Understanding (MoU) on Migration and Mobility Partnership between India and the United Kingdom and Northern Island. The landmark deal was signed between Home Secretary of the United Kingdom Priti Patel and EAM Dr. S. Jaishankar as part of the New Plan for Immigration, providing new opportunities to young people.

Recently a virtual summit was held between Prime Minister Narendra Modi and UK PM Borris Johnson on various issues of mutual interest.

Objectives

The MoU aims to liberalise visa issuance, promoting students and skilled professionals mobility and improving bilateral cooperation on topics such as illegal migration and human trafficking.

The MoU will support Indian scholars, educators, and researchers to contribute to the economic growth of both countries through various ventures. By promoting the free exchange of talent, this MoU will also help in innovation ecosystems.

Also, Cabinet gave ex-post facto approval to the Memorandum of Understanding between India and the UK on Global Innovation Partnership (GIP).

Objectives

India and the United Kingdom have agreed to launch the Global Innovation Partnership(GIP)which will assist Indian innovators in scaling up their technologies in third-world nations, allowing them to expand into new markets and become self-sufficient. It will also help India to foster a creative ecosystem. GIP developments will rely on areas similar to the Sustainable Development Goals.

This will also provide a transparent and inclusive e-marketplace (E-BAAZAR) for cross-border innovation focusing on results-based impact and evaluation to increase accountability.

India-UK Bilateral Relations

The relationship between India and the United Kingdom is rooted in close historical links. Since 2004, the two countries have continued to have a number of high-level bilateral meetings and exchanges in place that address a broad range of topics such as politics, commerce, education, science and technology, and defence, among others.

Trade: The UK is among India’s major trading partners with the sixth-largest inward investor. In 2019-20, Merchandise trade between both nations was US$15.45 billion with the trade balance in favour of India.

India’s major exports to the UK are clothing accessories, power generating machinery & equipment, petroleum products, textile yarn, fabrics, footwear, medicinal & pharmaceutical, manufacturers of metal, road vehicles, and other transport equipment.

The main imports from the UK are power generating machinery & equipment, non-ferrous metals, general industrial machinery, transport equipment, ferrous ores & metal scrap, electrical machinery and appliances, scientific and controlling instruments and appliances, chemical materials & products.

Education- The United Kingdom is one of the most popular destinations by Indian students for pursuing higher education. India has benefited greatly from the United Kingdom’s current liberalized point-based immigration scheme.

The successful collaboration between Oxford University, AstraZeneca, and Serum Institute of India(SII) on the Covid-19 vaccine showed the potential of combining Indian and UK expertise to address global challenges. Both sides are also working on Pandemic preparedness, antimicrobial resistance (AMR), zoonotic studies, noncommunicable diseases, digital health, Ayurveda and alternative medicines, and health workers mobility.

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