New Delhi, May 6 – India and the United Kingdom have officially concluded their long-awaited Free Trade Agreement (FTA) along with a dual contribution agreement, a move expected to significantly enhance bilateral trade, investment, economic growth, and job creation. The agreements mark a major step forward in the strategic partnership between the two nations.
The announcement was made following a phone conversation between Indian Prime Minister Narendra Modi and UK Prime Minister Keir Starmer. In a social media post, Prime Minister Modi described the agreements as a historic milestone, emphasizing their potential to deepen the comprehensive strategic partnership between the two economies. He stated that the FTA and dual contribution deal will promote innovation and serve as catalysts for economic cooperation.
As per agency report, both leaders highlighted the significance of the agreements in opening up new opportunities for businesses and deepening people-to-people ties. They noted that the agreements represent a landmark moment in the bilateral relationship, particularly between two of the world’s major open market economies.
The Prime Minister’s Office (PMO) noted that the agreements provide a strong foundation for a fast-growing and multifaceted economic and commercial relationship. It further emphasized that the balanced and equitable FTA, covering trade in goods and services, is expected to result in a substantial increase in bilateral trade, generate employment, enhance living standards, and contribute to the overall welfare of citizens in both countries.
Additionally, the agreements will enable India and the UK to jointly develop products and services for global markets, opening new avenues for cooperation and competitiveness. The PMO stated that this landmark deal reinforces the framework of the India-UK comprehensive strategic partnership and ushers in a new era of collaboration and prosperity.
Prime Minister Modi also expressed his eagerness to welcome Prime Minister Starmer to India soon, further signaling the strengthening of ties between the two nations.
