India-UK Free Trade Agreement hailed as historic milestone
The India-UK Free Trade Agreement, hailed as a historic milestone, marks the successful conclusion of negotiations between Prime Minister Narendra Modi and UK Prime Minister Sir Keir Starmer. This ambitious deal is set to enhance bilateral trade, create jobs, and foster innovation, strengthening the comprehensive strategic partnership and opening new opportunities for both economies.
New Delhi [India], May 7 (ANI): Today, Prime Minister Narendra Modi and UK Prime Minister Sir Keir Starmer engaged in a phone call, where both leaders concurred that enhancing economic and trade relations between India and the UK continues to be a fundamental aspect of their growing and diverse partnership.
The two leaders celebrated the successful completion of a bold and mutually advantageous India-UK Free Trade Agreement, along with the Double Contribution Convention.
The leaders hailed it as a significant milestone in the bilateral Comprehensive Strategic Partnership, which would enhance trade, investment, innovation, and job creation in both economies. They concurred that the landmark agreements between these two major open-market economies will create new business opportunities, bolster economic connections, and strengthen interpersonal relationships.
PM Starmer said that strengthening alliances and reducing trade barriers with economies around the world is part of their Plan for Change to deliver a stronger and more secure economy.
The two leaders agreed that expanding economic and commercial ties between India and the UK remain a cornerstone of the increasingly robust and multifaceted partnership.
An official release said that 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.
It will also unlock new potential for the two nations to jointly develop products and services for global markets. This agreement cements the strong foundations of the India-UK Comprehensive Strategic Partnership, and paves the way for a new era of collaboration and prosperity.
According to Ministry of Commerce, India-UK Free Trade Agreement is a historic and ambitious deal that would boost jobs, exports and national growth. India-UK FTA negotiations were launched on January 13, 2022.
Multiple rounds of negotiations have been held before finally reaching the deal. It said 99 per cent Indian exports to benefit from zero duty.
The FTA ensures comprehensive market access for goods, across all sectors, covering all of India's export interests. India will gain from tariff elimination on about 99% of the tariff lines covering almost 100% of the trade value offering huge opportunities for increase in the bilateral trade between India and the UK.
India's main exports to the UK are articles of textile, yarn, fabric, apparel & clothing accessories, footwear, power generating machinery & equipment, petroleum and petroleum products, medicinal & pharmaceutical products, telecoms & sound equipments and manufactures of metal.
The main imports from the UK to India are non-ferrous metals, metalliferous ores & metal scrap, industrial machinery, transport equipment, beverages, electrical machinery, and appliances, professional- scientific instruments and chemicals. (ANI)