India, UK sign Free Trade Agreement: Most historic, says Modi; Starmer calls deal ‘biggest since leaving EU’
INDIA and the United Kingdom have signed a landmark Free Trade Agreement (FTA), aimed at significantly improving market access and boosting bilateral trade by around $34 billion annually. The FTA was signed during Prime Minister Narendra Modi’s visit to London.
Hailing the Free Trade Agreement with India, United Kingdom PM Keir Starmer said it was the “biggest and most significant trade deal” the UK has signed since leaving the European Union. “This is the biggest and economically most significant trade deal the UK has made since leaving EU,” he said.
PM Narendra Modi also termed the free trade deal as the “most historic” in the India-UK relations, saying a comprehensive economic and trade agreement has been inked between India and UK after many years of hard work. PM Modi said the Free Trade Agreement would bring new opportunities for India's agricultural produce and processed food industry in Britain.
He said, “Indian textiles, footwear, gems and jewellery, seafood, and engineering goods will gain better market access in Britain. India-UK trade deal will be particularly beneficial for India's youth, farmers, fishermen, and MSME sector.”
After signing the free trade deal with India, Keir Starmer said the deal would raise living standards and boost wages in both countries by putting more money in the hands of working people.
“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 said.
With the signing of the FTA with India, the UK prime minister also emphasised that his country was sending a message to the world that Britain is open for business.
Keir Starmer also took to X and said, “A landmark deal with India means jobs, investment and growth here in the UK.”
“It creates thousands of British jobs, unlocks new opportunities for businesses and puts money in the pockets of working people. That’s our Plan for Change in action.”
According to the officials, the Free Trade Agreement between India and the UK is expected to benefit 99 per cent of Indian exports from tariffs. The FTA will also make it easier for British firms to export whisky, gin, cosmetics, medical devices, cars and other products to India.
