India and the United Kingdom signed a free trade agreement (FTA) a landmark, which aims to significantly improve the market access and increase bilateral trade around $ 34 billion per year. FTA was signed during a visit to Prime Minister Narendra Modi in London.
The United Kingdom Keir Starmer, which attached an agreement on free trade in India, said it was the “largest and most important trade agreement”, which the United Kingdom signed since leaving the European Union. “This is the largest and economically most important trade agreement that the United Kingdom has concluded since leaving the EU,” he said.
PM Narendra Modi also described the free trade agreement as “most historical” in India-Kuje’s relations and said that after many years of hard work, a comprehensive economic and business agreement was concluded between India and the United Kingdom. PM Modi said that the free trade agreement will bring new opportunities for Indian agricultural productions and the processed food industry in Britain.
He said: “Indian fabrics, shoes, gems and jewelry, seafood and engineering goods will get better access to the market in Britain. India-UK business agreement will be particularly beneficial for Indian youth, farmers, fishermen and MSME sector.”
“FTA will increase the standard of living”: Starmer
After signing an agreement on free trade with India Keir Starmer, he said that the agreement would increase the standard of living and increase wages in both countries by putting more money into the hands of working people.
“It is an agreement that will bring huge benefits to both of our countries, increase wages, increase their standard of living and put more money into the pockets of working people. It’s good for work, it’s good for business, decreasing tariffs and facilitating trade cheaper,” he said.
With the signature of FTA with India, the British Prime Minister also stressed that his country was sending a report around the world that Britain is open for business.
Keir Starmer also took X and said, “The agreement on the India monument means jobs, investments and growth in the UK.”
“It creates thousands of British jobs, unlocks new opportunities for companies, and puts money into workers’ pockets. This is our plan to change in action.”
According to officials, the free trade agreement between India and the United Kingdom is expected to benefit 99 % of Indian exports from the tariff. FTA will also facilitate British companies to export whiskey, gin, cosmetics, medical devices, cars and other products to India.
(Tagstotranslate) India
