“Under the guidance, leadership and constant encouragement of India’s Hon'ble PM Narendra Modi Ji, India has achieved another historic milestone. India’s Ukfta, as well as a dual contribution, is a bold, future step that will unleash growth, work and innovation – ACCELER-ACCELERERERE Our journey to Viksitbharat2047.
UK FTA negotiations were launched on January 13, 2022. Before the deal was concluded, multiple rounds of negotiations had been held.
Last talks were held in London last week after Britain's Commerce and Commerce Minister Jonathan Reynolds and Commerce Minister Piyush Goyal restarted talks two months ago. Negotiators on both sides have been working around the clock since February to complete the deal.
Prime Minister Modi and his British Keir Starmer had a telephone conversation today. The two leaders welcomed the successful end of the ambitious and mutually beneficial Indian Free Trade Agreement and the Double Contribution Convention. Leaders described this as a historical milestone in a bilateral integrated strategic partnership that would promote trade, investment, innovation and creation work in both economies. Both sides agreed that a landmark agreement between the world’s two large and open market economies will open new opportunities for businesses to strengthen economic ties and deepen human-person relationships.
Prime Minister Starmer said strengthening the alliance and reducing trade barriers to economies around the world is part of their plan to change a stronger and safer economic plan.
The British Prime Minister said: “We agree to a landmark agreement with India – India is one of the fastest growing economies in the world, which will develop the economy and serve the people and businesses of the UK. Strengthening our alliances and reducing trade barriers with economies around the world is part of our plan to provide a stronger and safer economic plan here.”
PM Modi and Starmer agreed that expanding economic and business relations between India and the UK remains the cornerstone of an increasingly strong and multifaceted partnership.
The conclusions of the FTA covering balance of trade in goods and services, fair and ambitious FTA are expected to significantly enhance bilateral trade, bringing new avenues to employment, improving living standards and improving the overall well-being of citizens of both countries.
This will also unlock new potential for the two countries to jointly develop products and services in the global market. The agreement consolidates a strong foundation for the comprehensive strategic partnership between India and Britain and paves the way for a new era of cooperation and prosperity.
Prime Minister Modi invites Prime Minister Steamer to visit India. Leaders agree to stay in touch.
