‘Historic Day In Our Ties’: PM Modi On Inking India-UK FTA, Starmer Says ‘Britain Is Open For Business’

India and the United Kingdom on Thursday formally signed the Comprehensive Economic and Trade Agreement (CETA) after years of diligent negotiations. The agreement, expected to significantly boost trade and investment, was inked in London in the presence of Prime Minister Narendra Modi and UK Prime Minister Keir Starmer, alongside Union Minister of Commerce & Industry Piyush Goyal and UK Secretary of State for Business and Trade Jonathan Reynolds.

Prime Minister Modi, currently on a two-day visit to the UK, hailed the signing, stating, "Today marks a historic day in our relations. I am delighted that after the hard work of several years, today our two nations have signed the Comprehensive Economic and Trade Agreement." He elaborated on the far-reaching impact of the pact, asserting, "This Agreement is not just an economic agreement but also the plan for a shared prosperity."

Prime Minister Modi outlined the specific benefits for both economies. "On one side, Indian textile, footwear, gems and jewellery, seafood and engineering goods will get better market access in the UK. New opportunities will emerge in the UK market for India's agricultural produce and processed food industry. This agreement will especially benefit Indian youth, farmers, fishermen and MSME sector," he stated. Conversely, he noted, "for the people of India and industry, products made in UK like medical devices will be available at reasonable and affordable prices."

He also highlighted that "People and industries in India will be able to access UK-made products, such as medical devices and aerospace parts, at affordable and competitive prices."

Beyond trade, the leaders also reached a consensus on the double contribution convention, which Modi believes "will bring new energy to the service of both countries... Additionally, the UK's economy will benefit from India's skilled talent."

PM Modi Launches India-UK 'Vision 2035'

Highlighting the broader strategic vision, Prime Minister Modi announced the launch of "Vision 2035," a roadmap designed to invigorate their comprehensive strategic partnership. "To give new momentum and energy to our comprehensive strategic partnership in the coming decade, today we are launching our Vision 2035. It is the roadmap that will form the basis of a strong, trustworthy, and ambitious partnership in the fields of technology, defence, climate, education, and people-to-people connections," he remarked. He further committed that both nations would "create the future together" across diverse sectors, "from AI to critical minerals, semiconductors to cybersecurity."

United Against Terrorism and Global Challenges: PM Modi

The discussions also touched upon shared global concerns. Prime Minister Modi conveyed India's gratitude to Britain over its stance on recent Pahalgam terror attack, stating, "We express our gratitude to Prime Minister Starmer and his government for strongly condemning the terrorist attack in Pahalgam. We are united in our view that there is no place for double standards in the fight against terrorism. We also agree that extremist ideologies must not be allowed to misuse democratic freedoms..."

He also confirmed that "We have continued to share our views on peace and stability in the Indo-Pacific, the ongoing conflict in Ukraine, and the situation in West Asia. We support the earliest possible restoration of peace and stability..."

Indians Did Not Just Bring Curry From India But Also Creativity: PM Modi In UK

Acknowledging the human connection between the two nations, Prime Minister Modi extended condolences for the UK nationals who perished in the Ahmedabad accident last month. He lauded the Indian diaspora in the UK, remarking, "People of Indian origin who live in the UK act as a living bridge in our relations. They did not just bring curry from India but also creativity, commitment and character. Their contribution is not restricted to just the economy of UK but is also reflected in the culture, sports and public service of the UK."

Drawing a sports analogy, he concluded with a cricketing metaphor for the partnership: "For both of us, Cricket is not just a game, but a passion. And also, a great metaphor for our partnership. There may be a swing and a miss at times, but we always play with a straight bat! We are committed to building a high scoring solid partnership."

UK PM Starmer Hails "Biggest, Most Economically Significant Trade Deal"

Echoing the sentiment of optimism, UK Prime Minister Keir Starmer underscored the monumental significance of the agreement. "It is a deal that will bring huge benefits to both of our countries, boosting wages, raising living standards and putting more money in the pockets of working people. It is good for jobs, it is good for business, cutting tariffs and making trade cheaper, quicker and easier," he affirmed. He highlighted the benefits for "British workers in cutting-edge manufacturing, whisky distillers across Scotland, and the service sector in London, Manchester, and Leeds..."

Starmer emphasised the message the FTA sends to the world: "With signing of the FTA with India, we are sending a very powerful message that Britain is open for business." He further acknowledged the historic scale of the agreement, stating, "We both know that this is the biggest, most economically significant trade deal that the UK has made since leaving the EU. I think I can say that this is one of the most comprehensive deals that India has ever done. So, thank you, PM, for your leadership and for your pragmatism. I would like to thank everybody who has worked so hard to get this deal over the line."

The landmark agreement, which had been announced as successfully concluded in May, aims to double bilateral trade to USD 120 billion by 2030, offering significant tariff reductions and enhanced market access for a wide array of goods and services, including a substantial cut in India's average tariff on UK products from 15% to 3%.

 

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