Prime Minister Narendra Modi on Thursday met the British Prime Minister Kir Stmper in London, a landmark UK-India Free Trade Agreement Further Signature expected to greatly promote economic relations between the two countries.
The bilateral meeting was held in the historic Hutry Room, where the two leaders held one discussion each to finalize India’s most comprehensive trade agreement and the UK’s most important post-breaks deal.
A few hours before PM Modi met, the UK Prime Minister Kir Stmper called India Trade Deal ‘Plan for Action’.
In a post on X, the stormer wrote, “A historic deal with India means job, investment and development in the UK.
According to a statement released by the British High Commission, the UK-India trade agreement is expected to promote bilateral trade by 25.5 billion pounds annually. The deal is also expected to unlock thousands of jobs, low tariffs and increase market reach for businesses in both countries.
During PM Modi’s visit, the two leaders also expect to unveil the UK-India Vision 2035, a new comprehensive strategic partnership that underlines a wide roadmap for cooperation in areas such as defense, technology, climate, education and national security.
The statement to the Prime Minister Kir Stmper said, “This historic trade deal with India is a major victory for Britain. It will create thousands of British jobs in Britain, unlock new opportunities for businesses and increase growth in every corner of the country.”
He said that the deal was part of the “plan” for the British citizens to invest more money in pockets and help families with the cost of life.
India is already the 12th largest trading partner in Britain, with bilateral trade more than £ 36 billion. The proposed agreement aims to reduce the average tariff on British products such as cars, medical devices, cosmetics and soft drinks, which makes Indian consumers 15 percent to 3 percent.
At the same time, it will reduce the entry into the market for Indian exporters, which will increase the time of 11 billion pounds in Britain’s current imports.
The UK’s Trade and Trade Secretary Jonathan Reynolds described India as “an emerging economic superpower of the 21st century”, stating that the trade treaty is a new phase in bilateral relations.
The deal is also made on the UK-India Technology Security Initiative signed last year. Both sides have confirmed their commitment to exploit Frontier Technologies and to deepen the cooperation on national security and border security. (AI)
