London July 24
UK Prime Minister Keir Starmer on Thursday hailed India's trade deal with India, calling it a major win for Britain.
Starmer said that the deal will help families with the cost of living.
In a post on X, he said, "Our landmark trade deal with India is a major win for Britain. This is about putting more money in the pockets of hardworking Brits and helping families with the cost of living."
https://x.com/Keir_Starmer/status/1948381601739468875
Prime Minister Narendra Modi stated that India and the UK have ushered in a new era of economic cooperation with the signing of the Free Trade Agreement (FTA), along with the Double Contribution Convention, during his tete-a-tete with UK Prime Minister Keir Starmer.
During the meeting, PM Modi emphasised the agreement's potential to boost trade, investment, and skilled mobility for future generations of the two nations.
"Together, we are laying the foundation stone of a new history. We are meeting for the third time this year. I consider this very significant. The UK and India are natural partners. Today marks a historic day in our relations. This will pave a very strong path for the future generations of India and the UK. This is adding a new chapter in business and trade," PM Modi said.
The long-awaited India-UK Free Trade Agreement was signed in the presence of both leaders today. The agreement aims to boost the movement of goods and services between the two countries. PM Modi is currently on a two-day official visit to the UK.
The Prime Minister in a post on X also noted the meeting with his UK counterpart, stating that the FTA will enhance market access for Indian textiles, footwear, gems and jewellery, engineering goods, agricultural products, and processed foods in the UK, benefiting farmers, women, youth, fishermen, and MSMEs.
https://x.com/narendramodi/status/1948363360300605613
"Exquisite Indian textile products, footwear, gems and jewellery and engineering goods will gain market access to the UK. The opportunities for agricultural products and processed foods will also get an impetus. All of this will benefit our people, especially farmers, women, youngsters, fishermen and MSMEs," he stated in the post.
— ANI
Reader Comments
As someone working in textiles, I'm cautiously optimistic. UK market is quality-conscious but pays well. If we can maintain our standards, this could be game-changing for our industry. Fingers crossed!
While this looks promising, I hope we've negotiated good terms for our farmers. UK has strict agricultural standards - we need proper support systems to help our farmers meet these requirements without excessive burden.
Interesting development! As someone working in UK-India trade, this could significantly reduce paperwork and tariffs. The real test will be how quickly businesses on both sides can adapt to the new framework.
Hope this means more job opportunities for Indian youth in skilled sectors! 🤞 The mention of 'skilled mobility' sounds promising, but we need clarity on visa provisions and recognition of Indian qualifications.
Good step forward, but let's not celebrate too soon. Previous FTAs haven't always delivered as promised. We need to monitor actual implementation and ensure our domestic industries aren't negatively impacted by cheaper imports.
As a small business owner dealing in handicrafts, this gives me hope! But the government must provide proper guidance and financial support to help us navigate export procedures and UK market requirements.
We welcome thoughtful discussions from our readers. Please keep comments respectful and on-topic.