“Delighted to speak with my friend PM Kier Starmer. 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. These landmark agreements will further deepen our Comprehensive Strategic Partnership, and catalyse trade, investment, growth, job creation, and innovation in both our economies. I look forward to welcoming PM Starmer to India soon,” Modi wrote on X (formerly Twitter).
Both the leaders agreed during the conversation that the landmark agreements will open new opportunities for businesses, strengthen economic linkages and deepen people-to-people ties, a release from the Indian Prime Minister’s Office (PMO) said.
Indian PM Narendra Modi today announced the conclusion of an FTA with the UK, along with a Double Contribution Convention, and spoke to his British counterpart Keir Starmer over telephone.
Both the leaders agreed during the conversation that the landmark agreements will open new opportunities for businesses, strengthen economic linkages and deepen people-to-people ties.
The leaders noted that the deal is the biggest the United Kingdom has signed since leaving the European Union, and the most ambitious India has ever done, an official UK government release said.
“We estimate that it will increase bilateral trade by £25.5 billion (~$35.06 billion), add £4.8 billion (~$6.41 billion) a year to our economy and boost wages by £2.2 billion (~$2.94 billion) every year in the long run. This is the best deal India has ever agreed to,” UK’s Department of Business and Trade said in a statement.
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, the PMO release said.
It will also unlock new potential for the two nations to jointly develop products and services for global markets, it added.
The landmark trade agreement, concluded under the visionary leadership of Prime Minister Narendra Modi, represents a major milestone that is expected to significantly benefit India’s textile and apparel sector while strengthening economic ties between India and the UK.
Fibre2Fashion News Desk (DS)
