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Indian Prime Minister Narendra Modi and Prime Minister Sir Keir Starmer have finalized a landmark free trade agreement that is set to bolster exports by billions of pounds. The agreement will lead to reduced export costs for UK cars and whisky to India, while making Indian textiles and jewelry more affordable for export to the UK. This deal, which was three years in the making, also includes a commitment to a joint India-UK initiative to address illegal migration.
During the signing ceremony at Chequers, Sir Keir hailed the trade agreement as the most significant economic pact since Brexit, emphasizing the message that the UK is open for business. He highlighted the potential for job creation, with over 2,200 British jobs expected to be generated as Indian businesses expand operations in the UK and British companies secure new opportunities in India. Beyond the trade deal, Sir Keir underscored the importance of strengthening the historical ties between the two nations.
In his remarks, Prime Minister Modi described the agreement as a blueprint for shared prosperity. He outlined the mutual benefits, noting improved market access for Indian products in the UK and increased affordability of UK goods such as medical devices and aerospace parts in India. The deal is expected to boost the British economy by £4.8 billion annually, as lower tariffs are set to enhance trade in various sectors including clothing, cars, food, and gems.
The trade deal between India and the UK encompasses a broad spectrum of areas beyond just exports, with both nations committing to closer collaboration in defense, education, climate, technology, and innovation. However, discussions on crucial aspects like financial services and legal industries are ongoing. The agreement also includes measures to combat corruption, fraud, organized crime, and illegal migration, demonstrating the comprehensive nature of the partnership between the two countries
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