The Hindu Business Line : India, UK agree on economic ties — Pacts on air service, oil, gas signed

"We have agreed to cooperate in civilian nuclear energy. We have also agreed that our collective efforts to ensure energy security will be accorded priority," the Prime Minister, Dr Manmohan Singh, said on Thursday at a joint press conference with the British Prime Minister, Mr Tony Blair.

Dr Singh also said that India was committed to attracting foreign direct investment worth $10-15 billion annually and wished to work with the UK and other like-minded countries.

He said that countries should look at dismantling non-tariff barriers that impede promotion of trade.

The two Prime Ministers were addressing the press here after holding a bilateral summit at Udaipur during the day.

Closer ties: Stating that the two countries enjoyed a "very special" relationship, Dr Singh informed that the two sides have signed agreements on an overall energy policy, a new air services agreement and an agreement on intellectual property rights.

"We agreed to intensify cooperation on frontier areas of science and technology and the knowledge sector in which both our countries have special strengths.

"Several MoUs and agreements have been finalised during this meeting. These include — cooperation in the area of hydrocarbons which is important for our overall energy policy, a new air services agreement, an agreement on co-production of films, an agreement on intellectual property rights," Dr Singh said in his opening remarks at the press conference.

Dr Singh said that during the summit, the two sides stressed on increasing trade and investment linkages.

"We focused on measures to significantly enhance our trade and investment exchanges, including in the new and promising area of healthcare and in promoting exchanges in the area of services," he said.

Dr Singh said the two sides have also launched a financial and economic dialogue at the level of Finance Ministers.

Air services pact: An official statement from the UK High Commission said the new air services agreement, which replaces the 1951 agreement, would result in tripling of direct scheduled services between India and the UK. The following year could see a further doubling in passenger services.

The entitlement in the India-UK sector would go up to 56 weekly services on the Delhi/Mumbai-London-Heathrow route by winter this year.

The agreement on oil and gas sector would result in more UK and Indian oil and gas firms to develop indigenous oil and gas resources, the High Commission's statement said.

HIGHLIGHTS

India, UK to cooperate in civilian nuclear energy.

Energy security to be accorded priority.

New agreement on air services, oil and gas signed.

Financial and economic dialogue at Finance Ministers' level launched.

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