India, UK to step up customs cooperation

The Union cabinet has given nod for the agreement that will ease trade between India and UK…reports Asian Lite News

The Modi Cabinet on Wednesday greenlighted the signing and ratification of an agreement between India and the UK on customs cooperation.

The cabinet statement said agreement between India and UK will offer relevant information for the prevention and investigation of Customs offences, Indianewsnetwork reported.

According to the Indianewsnetwork reports,the agreement is likely to bolster trade and ensure clearance of goods and it will be signed only after getting approval of both countries.

Meanwhile, as the Prime Minister’s visit to India is postponed but conversations are set to continue online later this month on the plans for the future partnership between the UK and India; the eighth edition of the Grant Thornton India meets Britain Tracker explores the significant contribution Indian companies continue to make to the UK economy, which has increased in almost every measure compared to the previous year’s report.

Also read:UK varsity sends breathing aids to India

The new research, developed by Grant Thornton UK LLP in collaboration with the Confederation of Indian Industry, analyses the data of UK-incorporated limited companies that are either owned or controlled by Indian interests.

This year’s research finds that there are 850 Indian companies operating in the UK, up from 842 in the 2020 report

During 2020, despite continued uncertainty over the final outcome of the UK’s exit from the European Union, the research finds that Indian investors have continued to invest in the UK. They were involved in ten acquisitions (the highest of any single EU country) throughout the year, including four in the technology and telecoms industry and two in manufacturing.

Also read:Indian companies’ contribution to UK economy grows