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India and the U.K. have unveiled a technology security initiative designed to improve international cooperation between both nations while triggering an economic growth spurt along the way.
The initiative will see both nations increase their collaborative efforts in artificial intelligence (AI), semiconductors, essential minerals, and telecommunications. Although not expressly stated, there is speculation that the U.K. and India will explore blockchain use cases in cross-border trade.
Both parties inked the deal during the inaugural visit of the new British Foreign Secretary David Lammy to India to explore improved bilateral relationships. Lammy met with his Indian counterpart, Subrahmanyam Jaishankar, to iron out issues before signing the initiative.
Both diplomats prioritized defense in the Pacific and economic reforms to improve the local economies of both nations. Lammy and Jaishanker exchanged ideas on Russia’s invasion of Ukraine, but their discussions revolved around plans to improve productivity using emerging technologies.
“This agreement signifies tangible steps towards addressing future challenges, from AI to essential minerals,” said Lammy. “Our joint efforts can unlock mutual growth, drive innovation, create jobs, and attract investment.”
AI investment in both nations has been steadily increasing on par with adoption levels since the tail-end of 2022. The U.K. has expressed an intent to be the global leader in AI, investing to roll out a series of initiatives while attracting international service providers to set up shop in the country.
India, on the other hand, is eyeing regional dominance with AI, integrating several AI models on a national scale to combat fraud and predict climate disasters. Despite the mass adoption, India is grappling with thousands of job losses stemming from automation and generative AI and could be looking to the U.K. for direction.
The initiative could see India and the U.K. explore the possibilities of a central bank digital currency (CBDC) for international remittances, as both parties have made considerable progress in the space.
$100 billion worth of bilateral trade
During his visit, Lammy brought up conversations about completing a free trade agreement that has been in the works since 2019. The discussions, initiated by former U.K. Prime Minister Boris Johnson, fell through the cracks, but a new government in the U.K., both nations may finally put pen to paper.
If signed, the arrangement is poised to double the value of annual bilateral trade between the U.K. and India, which stood at a mere $50 billion in 2022. Still, economic disparities and regulatory differences may hinder the flow of discussions between the parties.
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