New Delhi, July 24: India and Britain signed a Free Trade Agreement (FTA) on Thursday. This will give new impetus to the bilateral relations between the two countries. The agreement is expected to increase trade between the two countries by about $ 34 billion annually. The agreement will provide a better market for Indian products in Britain and on the other hand, British products will be available to Indian consumers at cheaper rates.
Prime Minister Narendra Modi is on a two-day visit to Britain to expand bilateral relations. The main objective of this visit was to formalize the historic India-UK Free Trade Agreement. Prime Minister Modi met British Prime Minister Keir Starmer at Chequers Estate in London today. The talks between the two leaders have given a new direction to long-term partnership in areas like education, defense, technology and climate through Vision 2035. Later, in a joint statement, both the countries also shared similar views on terrorism, democratic values and global peace.
In a joint statement with his British counterpart Keir Starmer, Prime Minister Modi said that this is a historic day in the relations between India and Britain. After years of hard work, a comprehensive economic and trade agreement has been agreed upon between the two countries. This agreement is not just economic cooperation, but a concrete step towards shared prosperity. He said, “This agreement is not just an economic transaction, but a blueprint for shared prosperity. This agreement, reached after years of hard work, will promote annual bilateral trade of about $ 34 billion.”
Prime Minister Modi said that this agreement will give better access to the British market to Indian textiles, footwear, gems and jewellery, seafood and engineering goods. Along with this, new opportunities will be created for agricultural products and processed food industry. India’s youth, farmers, fishermen and MSME sector will get special benefits from this.
Modi said that on the other hand, British products like medical devices and aerospace parts will now be available in India at affordable prices. This will provide world-class technology and quality to Indian consumers and industries. He said that along with this agreement, the Double Taxation Avoidance Convention has also been agreed upon between the two countries, which will bring new energy to the service sector.
Prime Minister Modi also mentioned Vision 2035 in his speech. This will prepare a roadmap for bilateral cooperation in areas like technology, defense, climate, education and people-to-people contact. He informed that six universities of Britain are opening campuses in India, out of which South Hampton University has been inaugurated in Gurugram.
The two countries also expressed similar views on international issues. Prime Minister Modi spoke of continuing dialogue on peace and stability in the Indo-Pacific, the Ukraine crisis and the situation in West Asia. He thanked the British government for condemning the Pahalgam attack and reiterated that double standards are unacceptable in the fight against terrorism.
The Prime Minister compared the relations between the two countries to cricket and said that for us it is not a game but a passion and also a metaphor for our partnership. He said, “There may be swings and misses at times, but we always play with a straight bat! We are committed to building a high-scoring solid partnership.”
The Prime Minister also expressed condolences to the families of the British citizens who died in the air crash in Gujarat last month.
Prime Minister Starmer described this agreement as the most important and comprehensive trade agreement for Britain after Brexit in his statement. Starmer stressed that this partnership is not only trade but is also extremely important from a strategic point of view and will give a new direction to the relations between the two countries in the coming years.
He said, “This deal will bring tremendous benefits for both countries. It will increase jobs, improve living standards and put more money in the pockets of common people.” Starmer called it a powerful message that ‘Britain is open for business’. He said that this agreement will make business cheaper, faster and simpler. He praised Prime Minister Modi’s leadership and practical approach.