London: India and UK today signed historic Free Trade Agreement in a landmark move. In his press statement following tete a tete with his British counterpart Keir Starmer at Chequers, Prime Minister Narendra Modi said today marks a historic day in India-UK bilateral relations. He expressed happiness that after many years of hard work, Comprehensive Economic and Trade Agreement between the two nations has been concluded. He noted that this agreement paves the way for shared prosperity of India and UK. He stated that Indian textiles, footwear, gems and jewellery, seafood, and engineering goods will get better marketing access in the UK. He added that the processed food industry will find new opportunities in UK’s market. He said this agreement will prove especially beneficial for India’s youth, farmers, fishermen and MSME sectors.
In his statement, UK Prime Minister Keir Starmer said the Free Trade Agreement is the biggest and most economically significant trade deal that the UK has made since leaving EU. He thanked Prime Minister Modi for his leadership and pragmatism. He added that the deal will bring huge benefits to both the countries. He said it will boost wages and raise living standards. Mr Starmer said it is good for business, cutting tariffs, and making trade quicker, cheaper and easier. He stressed that it is good for British workers in cutting age manufacturing, whiskey distillers across Scotland and the service sector in London, Manchester and Leeds. He said it is good for consumers because it will bring down prices on Indian goods in the UK and it will deliver benefits for the long term.
The UK Prime Minister added that it will add about 4.8 billion pounds to the UK economy every year and 2.2 billion pounds to wages.
