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Key Points

PM Modi announced the finalization of the India-UK Free Trade Agreement, calling it a historic milestone for both economies. The deal grants zero-duty access for 99% of Indian exports while boosting services trade in IT and finance. Modi emphasized the agreement's alignment with India's Viksit Bharat 2047 development goals during his ABP Network summit address. The UK's Sir Keir Starmer jointly confirmed the FTA, which is expected to create jobs and expand MSME opportunities.

Key Points: Modi Announces India-UK FTA Deal With Keir Starmer

  • Landmark FTA opens zero-duty access for 99% Indian exports
  • Deal strengthens IT, financial, and education services trade
  • Aligns with India's Viksit Bharat 2047 growth vision
  • MSMEs to gain new opportunities from UK market access
3 min read

India-UK FTA will add new chapter in growth, development of both countries: PM Modi

PM Modi confirms historic India-UK free trade agreement, boosting jobs and exports while aligning with Viksit Bharat 2047 vision.

"This agreement will add a new chapter in the development of both countries - PM Narendra Modi"

New Delhi, May 6

Prime Minister Narendra Modi on Tuesday said that the landmark Free Trade Agreement (FTA) between India and the United Kingdom, centered on mutual trade and economic cooperation between two of the world's largest powers and open market economies, marks the beginning of a new chapter in the growth and development of both countries.

Speaking at the ABP Network India@2047 Summit, the Prime Minister referred to his conversation with his UK counterpart Sir Keir Starmer concerning FTA and said two of the world's biggest open markets have come together.

"I am glad to inform you that India-UK trade union has been finalised. The two world's biggest open markets have come together, which will add to their histories..This will also open new opportunities for the MSMEs sector," PM Modi said.

"Today is a historic day for India. I spoke to the British Prime Minister a while ago... I am happy to inform you that the India-UK free trade agreement has now been finalised. This agreement on mutual trade and economic cooperation between the two largest and open-market economies of the world will add a new chapter in the development of both countries," he added.

India and the UK have successfully concluded an ambitious and mutually beneficial Free Trade Agreement (FTA), along with a Double Contribution Convention in a historic deal that will open up massive export opportunities for many labour-intensive sectors in India.

The conclusion of the FTA was announced by Prime Minister Narendra Modi and his UK counterpart Sir Keir Starmer.

The Commerce and Industry Ministry said in release that the "historic and ambitious deal" will boost jobs, exports and national growth.

It said that 99 per cent Indian exports will benefit from zero duty and the agreement will provide a significant boost to trade in services, such as IT/ITeS, financial services, professional services, other business services and educational services.

The Commerce Ministry said that the forward-looking Agreement is aligned with India's vision of Viksit Bharat 2047 and complements the growth aspirations of both the countries.

In his speech, PM Modi also said the dream of changing India is Viksit Bharat till 2047 and India has capability, resources and willpower to achieve it.

"The presence of such a large number of youth and women in this summit is unique in itself. This is a reflection of the changing India, which is raising its voice in every field. The biggest dream of this changing India is - a Developed India by 2047 (Viksit Bharat). The country has capability, the country has resources, and the country also has willpower," he added.

- ANI

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Reader Comments

R
Rahul K.
This is fantastic news for our MSME sector! 🇮🇳🤝🇬🇧 Finally our small businesses will get better access to UK markets. Hope the government ensures proper implementation so actual ground-level entrepreneurs benefit, not just big corporates.
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Priya M.
While the FTA sounds promising, I hope we've protected our farmers' interests. Remember what happened with previous trade deals? We must ensure our agricultural sector isn't negatively impacted by cheap imports.
A
Arjun S.
Great move! This will boost our IT sector tremendously. London offices already hire so many Indian techies - now with easier services trade, we can dominate their digital economy. Jai Hind! 💻🚀
S
Sunita P.
Hope this means better prices for Indian artisans and handicrafts in UK markets. Our weavers and craftsmen deserve global recognition and fair compensation for their exquisite work.
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Vikram J.
The 99% zero duty exports sounds too good to be true. What's the catch? UK never gives anything for free. Hope our negotiators didn't compromise on important sectors to get this deal done quickly before elections.
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Neha T.
As someone who studied in UK, this makes me so happy! Easier educational exchanges will benefit both countries. Maybe now more British students will come experience India's world-class institutions too. 🌍📚

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