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Key Points

Prime Minister Modi expressed strong confidence that India and the UK will double their bilateral trade before the 2030 target. He described the Comprehensive Economic and Trade Agreement as more than just a trade deal, calling it a roadmap for shared progress and prosperity. The agreement secures unprecedented duty-free access for 99% of India's exports to the UK market. This will benefit various sectors from textiles to engineering goods while creating new employment opportunities.

Key Points: Modi Confident India UK Trade Will Double Before 2030 Target

  • Modi expands CETA with four new dimensions covering commerce, education, technology and aspirations
  • Agreement provides 99% duty-free access for Indian exports to UK market
  • Labor-intensive sectors like textiles and leather to benefit significantly from trade pact
  • Both leaders aim to strengthen MSMEs and create employment opportunities for youth
3 min read

India-UK CETA is roadmap for shared progress and prosperity: PM Modi at CEO Forum

PM Modi says CETA is roadmap for shared prosperity, aims to double $56 billion trade before 2030 while strengthening MSMEs and creating youth employment

"This is not just a trade agreement, but a roadmap for shared progress, shared prosperity - PM Narendra Modi"

Mumbai, October 9

Prime Minister Narendra Modi on Thursday expressed confidence that India and the United Kingdom will double bilateral trade from the existing approximately USD 56 billion before the mutually set target of 2030.

Addressing the India-UK CEO Forum, PM Modi said the Comprehensive Economic and Trade Agreement (CETA) between the two countries is not just a trade agreement, but a roadmap for shared progress and shared prosperity between the world's two largest economies.

"Today, our bilateral trade is approximately USD 56 billion. We have set a target of doubling it by 2030. I am confident that we can achieve this target ahead of time: PM Modi at the India-UK CEO Forum in Mumbai," he said.

"This year has been unprecedented, enhancing the stability of India-UK relations amid the current global volatility. During my visit to the UK in July this year, we signed the Comprehensive Economic and Trade Agreement (CETA). I deeply appreciate and congratulate my friend Prime Minister Starmer for his commitment and vision for this historic achievement. This is not just a trade agreement, but a roadmap for shared progress, shared prosperity, and shared people between the world's two largest economies," he added.

United Kingdom Prime Minister Keir Starmer, who is on a two-day visit to India, also addressed the CEO Forum in Mumbai.

PM Modi said that, along with market access, this agreement will strengthen MSMEs in both countries, and it will also open new doors of employment for millions of youth.

"To ensure that this Comprehensive Economic and Trade Agreement (CETA) reaches its full potential, I would like to present four new dimensions to this CETA. These new dimensions of my CETA will perhaps broaden it considerably. 'C' stands for Commerce and Economy. 'E' stands for Education and People-to-People Relations. 'T' stands for Technology and Innovation. 'A' stands for Aspiration. Today, our bilateral trade is approximately $56 billion. We have set a target of doubling it by 2030. I am confident that we can achieve this target ahead of time," he said.

India and the United Kingdom took a significant step in strengthening their economic partnership with the signing of the Comprehensive Economic and Trade Agreement (CETA) in July of this year.

CETA secures unprecedented duty-free access for 99% of India's exports to the UK, covering nearly the entire trade basket. This is expected to open new opportunities for labour-intensive industries such as textiles, marine products, leather, footwear, sports goods, toys, and gems and jewellery, alongside fast-growing sectors like engineering goods, auto components, and organic chemicals.

- ANI

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Reader Comments

R
Rohit P
While I appreciate the vision, I hope the government ensures proper implementation. Past trade agreements haven't always benefited our local industries. Need to protect our domestic manufacturers from unfair competition.
A
Ananya R
The focus on education and people-to-people relations is what excites me most! This could mean more student exchange programs and research collaborations. Great move for our youth! ✨
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David E
As someone working in the engineering sector, this agreement opens up tremendous opportunities. The UK market has high standards and this will push our industries to improve quality and innovation.
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Kavya N
Hope this creates more jobs for our youth, especially in traditional sectors like leather and handicrafts. The employment potential mentioned is encouraging. Let's make sure the benefits reach the grassroots level.
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Sarah B
The technology and innovation dimension is crucial for India's digital transformation. Collaborating with UK tech companies can accelerate our startup ecosystem. Well thought out agreement!

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