Prime Minister Narendra Modi during a bilateral meeting with British Prime Minister Keir Starmer at the G20 Summit in Rio de Janeiro. File | Photo Credit: PTI
India and the United Kingdom on Tuesday (6 May 2025) concluded an ambitious free trade agreement along with a convention with a double contribution with Prime Minister Narendra Modi that the conservation of monuments catalyzes trade, investment, growth and job creation in both economies.
Mr. Modi made a notice of agreements after a telephone conversation with his British counterpart Keir Starmer.
“In the historical milestone of India and Great Britain, they have successfully concluded an ambitious and mutually beneficial free trade agreement along with a two -party convention,” Modi said in a post on social media.
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“These agreements on important points will further deepen our comprehensive strategic partnerships and catalyze trade, investment, growth, job creation and innovation in both our economies,” he said.
Mr. Modi said he was looking forward to the soon welcome of Mr. Starmer in India.
The leaders described this as a historical milestone in a two -sided complex strategic partnership that would support trade, investment, innovation and job creation in both economies. They both agreed that the agreements on the landmark between the two large and open economies of the world open up new opportunities for businesses, strengthen economic ties and deepen ties to people.
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The Prime Minister’s office said both leaders agreed that the expanding economic and commercial ties between India and the United Kingdom remain the “cornerstone” of the increasingly robust and versatile partnership.
“The conclusion of a balanced, fair and ambitious FTA, covering the trade in goods and services, is expected to significantly strengthen bilateral trade, generates new ways for employment, raises their standard of living and improves the overall well -being of citizens in both countries,” she said.
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“It will also unlock the new potential for these two nations to develop products and services for global markets,” he added.
“This agreement accelerates the strong basics of the comprehensive strategic partnership of India-UK and prepares a way for a new era of cooperation and prosperity,” PMO said in a statement.
The most important events of the free trade agreement in India UK
99% of Indian exports benefits from zero duty on the British market.
The Indian import obligation will be reduced and locked up to 90% of the customs lines, 85% of them will become fully without customs within ten years.
India decreases tariff for: whiskey, medical devices, advanced machines and lambs
Goods with reduced import obligations for Indian consumers: cosmetics, air and air gap, lamb
Products with cheaper prices for British shoppers: clothing, shoes and food products including frozen shrimp
Car tariffs will go from more than 100% to 10% within quota
A three -year exception to social security payments for Indian employees working in the UK
Export opportunities for industry -intensive industries such as textiles, marine products, leather, shoes, sports goods and toys, gems and jewelry, engineering goods, automatic parts and engines and ecological chemicals
Published – May 6, 2025 17:03
