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Rolls-Royce has signed a “landmark” aviation deal with Airbus and Air India, which is set to inject billions into UK economy. Announcing the deal this morning, Number 10 said it will help to boost exports, grow the economy and “level up the UK”. The deal is seen to be a major post-Brexit boost to the UK economy and will pave the way for further cooperation between the UK and India through a free trade agreement, which is currently being negotiated.
Business and Trade Secretary Kemi Badenoch said it is a “big step” towards closer trading relations between the two powers.
The trade agreement would boost the UK’s existing £29.6 billion trading relationship with India.
Prime Minister Rishi Sunak said the deal “demonstrates that the sky’s the limit for the UK’s thriving aerospace sector”.
He added: “It will create better-paid jobs and new opportunities in manufacturing hubs from Derby to Wales, so we can grow the economy and support our agenda to level up – helping to deliver on my five priorities for the country.
“The UK is already a top investment destination, and by building trade ties with growing economic powers like India we will ensure UK businesses remain at the forefront of global growth and innovation.”
Meanwhile, Ms Badenoch said the deal is a “significant win for the UK’s world-leading aerospace sector”.
In 2021, the UK’s world-class aerospace sector added £10.6bn in value to the UK economy, exported around 70 percent of its domestic output and directly employed 111,000 high-skilled people.
It is also a leading sector for high-value apprenticeships, with 5,500 currently employed in sector.
The Business and Trade Secretary said the deal will “help to secure thousands of highly skilled jobs across the country and drive economic growth”.
She added: “It’s a shot in the arm for UK exports as we aim to sell £1 trillion of goods and services a year to the world by the end of the decade.
“We’re currently negotiating a trade deal with India which could boost trade by up to £28 billion a year by 2035.
“Export wins like this are another big step to our nations forming a closer trading relationship.”
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