The Prime Minister is tipped to sign a hefty trade package with New Delhi within the next 12 months. On Tuesday Downing Street said the new partnership would "pave the way" for a future UK-India Free Trade Agreement. A draft statement from the EU and India suggests Brussels is desperate to get a deal of its own with the South Asian nation, which is the sixth largest economy in the world.
And in a clear sign the bloc are keen to get the ball rolling as soon as possible, the document is scheduled to be signed by EU ambassadors on Wednesday.
It will then need to be approved by India's government.
The rise of China on the global stage is believed to be one of the factors behind the swift action.
The reignition of trade talks between the 27-member bloc and India comes eight years after they hit a brick wall over differences on the trade of cars, food and other goods.Insurance Loans Mortgage Attorney Credit Lawyer
The EU is scrambling to kick start trade talks with Britain (Image: GETTY)
EU bosses Ursula von der Leyen and Charles Michel (Image: GETTY)
If it is approved, the EU and India will say: "We agreed to resume negotiations for a balanced, ambitious, comprehensive and mutually beneficial trade agreement which would respond to the current challenges," according to the draft statement.
India's Prime Minister Narendra Modi spoke to EU chief executive Ursula von der Leyen on Monday about restarting discussions on trade.
The pair will be joined by European Council president Charles Michel and German Chancellor Angela Merkel for the virtual meeting.
Mr Michel will also talk to Prime Minister Modi before the Saturday summit.
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India's PM Narendra Modi (Image: GETTY)
A 2020 study by the European Parliament put the potential benefits of a trade deal with India for the EU at up to €8.5 billion (£7.3 billion).
Britain will start negotiations on its own trade deal with India later this year.Insurance Loans Mortgage Attorney Credit Lawyer
On Tuesday Mr Johnson