India, UK conclude historic free trade deal, both countries to now have…. what is the deal all about
India and the UK on Tuesday sealed a landmark free trade deal along with a double contribution convention with Prime Minister Narendra Modi saying that the “historic milestone” will catalyse trade, investment, growth and job creation in both the economies.
Announced after a phone conversation between Prime Minister Narendra Modi and his British counterpart Keir Starmer, the trade deal is the biggest the UK has done since leaving the EU.
“In a historic milestone, India and the UK have successfully concluded an ambitious and mutually beneficial Free Trade Agreement, along with a Double Contribution Convention,” Modi said in a social media post.
“These landmark agreements will further deepen our Comprehensive Strategic Partnership, and catalyse trade, investment, growth, job creation, and innovation in both our economies,” he said.
The conclusion of a “balanced, equitable and ambitious” FTA, covering trade in goods and services, is expected to significantly enhance bilateral trade, generate new avenues for employment, raise living standards, and improve the overall well-being of citizens in both countries, an Indian readout said.
“It will also unlock new potential for the two nations to jointly develop products and services for global markets,” it added.
The leaders described it a historic milestone in the bilateral comprehensive strategic partnership that would foster trade, investment, innovation and job creation in both the economies.
“Both agreed that the landmark agreements between the two big and open market economies of the world will open new opportunities for businesses, strengthen economic linkages, and deepen people-to-people ties,” the readout said.
Starmer said strengthening alliances and reducing trade barriers with economies around the world is part of the plan for change to deliver a stronger and more secure economy.
The British PM’s office said the deal which will add billions to the UK economy, boost wages and deliver on this government’s plan for change.
“In a huge economic win for the UK, delivering for working people and British businesses, the Prime Minister underscored the need to go further and faster to get things done, to secure and renew our country,” it said.
“Through pragmatism and purpose, the leaders noted that this historic deal is the biggest the UK has done since leaving the EU, and the most ambitious India has ever done,” it said.
Modi also thanked Starmer for his decisive leadership in getting the deal over the line.
(With PTI inputs)
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