&imwidth=800&imheight=600&format=webp&quality=medium "PM Modi meets Starmer: India-UK sign landmark free trade deal in London")
India and the United Kingdom signed a Free Trade Agreement on Thursday (Jul 24). This comes as Prime Minister Narendra Modi met with his British counterpart Keir Starmer in London. The bilateral deal is aimed at boosting trade by $34 billion annually, creating over 2,200 jobs, the UK PM said. The agreement will also help lowering average tariffs on British products from 15 per cent to three per cent. The signing of the deal comes following bilateral talks between the two leaders.
During a press briefing after the signing of the agreement, Starmer said, “Today is a historic day,” as he welcomed PM Modi. He added that the agreement will benefit both nations for business, cutting tariffs, making trade cheaper and easier.
“Today marks a historic day in our relations. I am delighted that after the hard work of several years, today our two nations have signed the Comprehensive Economic and Trade Agreement,” PM Modi said during the joint briefing.
The FTA will provide better access for labour-intensive exports like textiles, leather, clothing, and footwear. While for the UK, it will lower the import costs for products like automobiles and whiskey.
Ahead of the deal signing, Starmer said that the deal with India means jobs, investment, and growth in the UK. He added that the agreement will help in creating thousands of British jobs, and open new opportunities for businesses. He added that this will put money in the pockets of working people. “That’s our Plan for Change in action,” he said.
After landing in London, PM Modi said, “This visit will go a long way in advancing the economic partnership between our nations. The focus will be on furthering prosperity, growth and boosting job creation for our people. A strong India-UK friendship is essential for global progress.”
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