New Delhi [India], May 7 (ANI): Prime Minister Narendra Modi and Prime Minister of the United Kingdom Sir Keir Starmer had a telephone conversation today and the two leaders agreed that expanding economic and commercial ties between India and the UK remain a cornerstone of the increasingly robust and multifaceted partnership.
The two leaders welcomed the successful conclusion of an ambitious and mutually beneficial India-UK Free Trade Agreement along with the Double Contribution Convention.
The Leaders described it a historic milestone in the bilateral Comprehensive Strategic Partnership that would foster trade, investment, innovation and job creation in both the economies. Both agreed that the landmark agreements between the two big and open market economies of the world will open new opportunities for businesses, strengthen economic linkages, and deepen people-to-people ties.
PM Starmer said that strengthening alliances and reducing trade barriers with economies around the world is part of their Plan for Change to deliver a stronger and more secure economy.
The two leaders agreed that expanding economic and commercial ties between India and the UK remain a cornerstone of the increasingly robust and multifaceted partnership.
An official release said that the conclusion of a balanced, equitable and ambitious FTA, covering trade in goods and services, is expected to significantly enhance bilateral trade, generate new avenues for employment, raise living standards, and improve the overall well-being of citizens in both countries.
It will also unlock new potential for the two nations to jointly develop products and services for global markets. This agreement cements the strong foundations of the India-UK Comprehensive Strategic Partnership, and paves the way for a new era of collaboration and prosperity.
According to Ministry of Commerce, India-UK Free Trade Agreement is a historic and ambitious deal that would boost jobs, exports and national growth. India-UK FTA negotiations were launched on January 13, 2022. Multiple rounds of negotiations have been held before finally reaching the deal. It said 99 per cent Indian exports to benefit from zero duty.
The FTA ensures comprehensive market access for goods, across all sectors, covering all of India’s export interests. India will gain from tariff elimination on about 99% of the tariff lines covering almost 100% of the trade value offering huge opportunities for increase in the bilateral trade between India and the UK.
India’s main exports to the UK are articles of textile, yarn, fabric, apparel & clothing accessories, footwear, power generating machinery & equipment, petroleum and petroleum products, medicinal & pharmaceutical products, telecoms & sound equipments and manufactures of metal.
The main imports from the UK to India are non-ferrous metals, metalliferous ores & metal scrap, industrial machinery, transport equipment, beverages, electrical machinery, and appliances, professional- scientific instruments and chemicals. (ANI)
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