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Rediff.com  » Business » Britain, India sign trade agreement

Britain, India sign trade agreement

March 14, 2013 18:16 IST

HandshakeBritain and India have clinched a multi-million-pound agreement to support industry and businesses by working together on the commercialisation of research in key areas like energy and healthcare.

As part of the deal, Global Innovation and Technology Alliance sponsored by Indian government's Department of Science and Technology and UK's Technology Strategy Board will support UK and Indian businesses and academics in joint R&D and innovation projects over a three-year period.

"These programmes not only help build and strengthen links between countries but will help build the international partnerships between businesses so vital in today's global economy," said Iain Gray, chief executive, TSB after signing the 'Programme of Co-operation' at the Innovate UK conference in London.

He added that the new programme is aimed at strengthening the UK-India research and innovation partnership, which was one of the key themes during Prime Minister David Cameron's high-profile visit to India last month.

Britain's minister for universities and science, David Willetts was also present at the occasion.

The latest agreement is the first-ever international partnership the Technology Strategy Board, Britain’s government-sponsored innovation agency, has signed outside Europe.

GITA, a not-for-profit PPP company, is promoted jointly by the Confederation of Indian Industry and the Technology Development Board of the Indian government’s Department of Science and Technology.

Aditi Khanna in London
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