Prime Minister Narendra Modi on Tuesday lauded the India-UK Free Trade Agreement (FTA) and said that the agreement will add a new chapter in the development of the two nations.
“I am happy to announce that India-UK Free Trade Agreement is now final. The agreement between the two biggest and open-market economies will increase the trade and mutual agreement and add a new chapter in the development of the two nations,” PM Modi said while speaking at ABP Network’s India At 2047 Summit at Bharat Mandapam in New Delhi.
This was the prime minister’s first reaction on a public forum over the Free Trade Agreement between India and the UK. India and the United Kingdom on Tuesday signed the Free Trade Agreement and the Double Contribution Convention, marking what both countries have described as a “historic milestone” in their bilateral relations.
Earlier in a post on X, the prime minister said, “Delighted to speak with my friend PM @Keir_Starmer. In a historic milestone, India and the UK have successfully concluded an ambitious and mutually beneficial Free Trade Agreement, along with a Double Contribution Convention. These landmark agreements will further deepen our Comprehensive Strategic Partnership, and catalyse trade, investment, growth, job creation, and innovation in both our economies. I look forward to welcoming PM Starmer to India soon.”
The prime minister said the FTA will provide opportunities to the youths and it will boost the Indian businesses and MSMEs. He added that India recently signed trade agreements with UAE, Australia and Mauritius.
The FTA between India and the UK is set to make British Scotch whiskey and cars cheaper in India, while reducing duties on Indian imports such as garments and leather products in the UK.
The announcement regarding the conclusion of talks was made by Prime Minister Keir Starmer and his Indian counterpart Narendra Modi. The two sides also announced closing of talks for the Double Contribution Convention Agreement.
As per the agreement, India will reduce duty on UK whisky and gin from 150 per cent to 75 per cent and further to 40 per cent in the tenth year of the deal. The tariffs on automotive will go down from over 100 per cent at present to 10 per cent, subject to a quota.
Additionally, India is set to gain from tariff elimination on about 99 per cent of the tariff lines covering almost 100 per cent of the trade value offering opportunities for increase in the bilateral trade between the two countries. The FTA is expected to double bilateral trade by 2030.
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