India and United Kingdom has signed a Free Trade Agreement (FTA) to enhance bilateral trade by $34 billion annually. The deal was formalised in the presence of Prime Minister Narendra Modi and UK premier Keir Starmer.
This marks India’s most comprehensive trade pact to date, eliminating duties on 99 per cent of India’s exports to UK, including textiles, pharmaceuticals, leather goods, agricultural products and chemicals. For UK, the FTA unlocks reduced tariffs and wider access for key exports like whiskey, automibiles and financial services.
PM Modi lauded the signing of the agreement officially known as Comprehensive Economic and Trade Agreement(CETA) saying that it will add momentum to “Made in India” growth and boost exports. The Prime Minister said “Today marks a milestone in our bilateral relations.I an pleased after years of dedicated efforts, the CETA between two countries have been concluded today “
The agreement ,. according to PM Modi said that the agreement was more than an economic partnership. It is s blueprint for shared prosperity.
On one hand, it leaves the way for enhanced Indian market in UK. On the other, it unlocks new opportunities for both the countries.
He further said that a consensus has been reached on the Double Contribution Convention. Prime Minister Starmeir hailed the agreement as a “major win for Britain.”
He said it would generate thousands of jobs. It would also support economic growth across the country, he added.
India and UK with long association of trade and industry has been trying to forge closer links. The CETA fills this gap.
