I am pleased to conclude a historical commercial deal India-UK with PM Starmer: PM Modi

Prime Minister Narendra Modi said on Tuesday that India and the United Kingdom have successfully concluded with the ambitious and useful free trade agreement. In a post on social media on X, PM MDI indicated that both countries have officially concluded the FTA free trade agreement (FTA) along with a new agreement to avoid double taxation. Teacher’s agreements indicate an important step forward in strengthening the comprehensive strategic partnership between the two countries.

The Free Trade Agreement is described as “ambitious and mutual”, which is expected to open new ways for trade, enhance bilateral investments, push economic growth and create job opportunities across sectors. The agreement also sets the basis for enhancing cooperation in innovation and technology, and is compatible with the long -term development goals of both countries.

PM Modi said: “I am pleased to talk to my friend PM @Keir_starmer. In a historical teacher, India and the United Kingdom have successfully concluded an ambitious and useful agreement for free trade, as well as a double joint stock agreement. These historical agreements will look forward to deep economy.

The Prime Minister of the United Kingdom stressed that strengthening alliances and reducing commercial barriers with global economies is an integral component of its plan for change, which aims to enhance a more flexible and secure economy.

A total of 14 rounds of negotiations between India and the United Kingdom of the FTA. The bilateral trade between the two countries increased from 20.36 billion dollars in the fiscal year 23 to 21.34 billion dollars in the fiscal year 24. Both countries aim to double the trade of bilateral goods worth $ 20 billion during the next decade.

Main details

According to the newly signed free trade agreement in India, India will cut the customs tariff at 90 % of British commodities, as 85 % of these products have become free of customs tariffs during a decade, according to the UK government. The historical deal is a major step in promoting bilateral trade and economic cooperation.

As part of the agreement, India will do half of the duties of the British whiskey and the jinn from 150 % to 75 %, providing a large boost to the UK’s liver. Car tariffs on UK cars will also be reduced to 10 %, despite the specified import share.

The UK government expected the agreement to lead to an increase of 25.6 billion pounds in bilateral trade by 2040, in addition to a batch of 4.8 billion pounds in the United Kingdom in the United Kingdom annually by the same year.

These tariff discounts are among the most important concessions in the commercial agreement, and it is expected to open the new access to the markets for British producers, while providing a choice for Indian consumers at lower prices.

Comprehensive strategic partnership

The leaders praised it as an important occasion in the long -term bilateral strategic partnership, ready to enhance trade, investment, innovation and create job opportunities in both economists. They emphasized that the important agreements between the main and open market economies will create new roads for companies, enhance economic ties, and deepen bonds to people.

A mutual understanding that enhances economic and trade relations between India and the United Kingdom has been reached an essential aspect of their increasingly strong and varied partnership.

It is expected to enhance the successful summary of the free trade agreement that includes both goods and services in a large bilateral trade, creating new opportunities for job growth, raising the quality of life, and enhancing the total welfare of residents in both countries. In addition, it will open exciting capabilities for cooperation in developing global products and services. The free trade agreement is expected to enhance the strong framework of the comprehensive strategic partnership of India and the United States and sets the way for a future characterized by increased economic cooperation and prosperity.