Prime Minister Narendra Modi on Thursday appreciated the signature of the historic India-UK Free Trade Agreement, saying the agreement is an important milestone in bilateral relations between the two countries.
During a joint press statement with Britain’s Prime Minister Kir Starmer, Prime Minister Modi highlighted the increased market access to the two countries and economic occasions and expressed gratitude for the warm hospitality received during his official visit to the country.
Prime Minister Modi said, “First of all, I want to express my heartfelt gratitude for Prime Minister Starmer for the warm reception and brilliant hospitality. Today is a historic day in our bilateral relations. I am happy to know that after many years of hard work, the comprehensive economic and trade agreement between our two countries has concluded.”
Earlier today, the much-awaited historic Indo-Bitten Free Trade Agreement (FTA) was signed in the presence of Prime Minister Modi and Keer Starmer, which would ensure better access to goods and services between the two countries. Prime Minister Modi is currently on a two -day official visit to Britain.
Prime Minister Modi insisted, “This agreement not only paves the way for economic partnership but also creates a blueprint for our common prosperity.”
He said that Indian regions such as textile, shoes, gems and jewelery, seafood, engineering goods, agricultural products and processed foods will get better access to the UK market, which will benefit the youth, farmers, fishermen and MSMEs of the country.
The agreement for Britain ensures more economical access to medical equipment and aerospace components in India, including its products.
Prime Minister Modi said, “On the one hand, Indian textiles, shoes, gems and jewelery, sea food and engineering goods will now have better access to the British market. Indian agricultural products and processed food industries will also get new opportunities in Britain. This agreement will prove to be beneficial for the youth, farmers, fishermen and MSME sector of India.”
He added, “On the other hand, people of India and industry will be able to get products made in the UK – such as medical equipment and aerospace components – at more affordable prices.”
On 6 May, Prime Minister Modi and the stormer declared a successful completion of the India-Britain Free Trade Agreement (FTA) mutually beneficially beneficial. This visionary agreement is in line with the development of India’s developed India 2047 and complements the development aspirations of both countries.
The purpose of this trade agreement is to eliminate or reduce duty on imports and exports between the two countries. This will make Indian products competitive in Britain and Britain will also be competitive to Indian products. Both countries want to increase their trade by US $ 120 billion by 2030.
FTA is expected to promote major areas such as textile, leather, shoes, sports goods and toys, marine products, gems and jewelery, engineering goods, auto parts and engines, and biological chemicals.
The Ministry of Commerce and Industry of India said in its release on 6 May, “The Free Trade Agreement (FTA) ensures wide market access to goods in all areas, including all export interests of India. India will benefit from eradication of tariffs on about 99% tariff lines, which will cover about 100% of the trade value. This will create comprehensive opportunities to grow bilateral trade between India and Britain.
The UK government said that India’s average tariff on UK products under the Indo-Bitten FTA will decrease from 15 percent to 3 percent.
Today’s statement from Britain said that it will be easy to sell the British companies selling products in India – soft drinks and cosmetics to car and medical equipment – in the Indian market.
In addition, the British whiskey growers will benefit from half the cut in tariffs, which has been reduced from 150 percent to 75 percent immediately and then it has been reduced to 40 percent in the next ten years – which will give Britain an increase in international competitors to reach the Indian market, it has been said in the UK statement.
