British Prime Minister Keir Starmer will host Prime Minister Narendra Modi in the UK on Thursday to sign the landmark UK-India trade deal, which will boost bilateral trade by £25.5bn every year, as per an official statement from the British High Commission.
The statement noted that the deal promises to unlock thousands of jobs and boost growth across both economies. During the visit of PM Modi, the leaders will unveil their vision for a modern, reinvigorated partnership over the next decade- The UK-India Vision 2035, a renewed Comprehensive Strategic Partnership–taking the relationship to new heights in a time of rapid global change.
The trade deal, which is forecast to boost bilateral trade by £25.5 billion yearly, is both India’s most comprehensive deal ever, and the UK’s most economically significant bilateral trade deal since leaving the EU. It significantly improves market access for businesses in both countries, leading to cheaper products and services for consumers, the statement said.
It also observed that the UK and India’s ambitious new vision for 2035 will go beyond trade, with reinvigorated mutual commitment to drive prosperity and innovation, deepen defence cooperation through a new Defence Industrial roadmap, work together to secure our borders, tackle climate change and nurture educational connections.
Marking exactly one year since the countries signed the landmark UK-India Technology Security Initiative, the Prime Ministers will also commit to further strengthen national security by harnessing frontier technologies and shaping the technologies of tomorrow.
The statement cited Starmer’s remarks, “Our landmark trade deal with India is a major win for Britain. It will create thousands of British jobs across the UK, unlock new opportunities for businesses and drive growth in every corner of the country, delivering on our Plan for Change.”
“We’re putting more money in the pockets of hardworking Brits and helping families with the cost of living, and we’re determined to go further and faster to grow the economy and raise living standards across the UK.”
As per the statement, Business and Trade Secretary Jonathan Reynolds hailed India as an economic superpower. He said, “India is one of the fastest growing global economies in the world and an emerging economic superpower of the 21st century.”
The statement mentioned, “Indian consumers will benefit from improved access to the best British products – from soft drinks and cosmetics to cars and medical devices – as average tariffs will drop from 15 per cent to 3 per cent. The UK already imports £11 billion in goods from India but liberalised tariffs on Indian goods will make it easier and cheaper for British consumers and businesses to buy Indian products and boost Indian businesses’ exports to the UK.”
It added, “The UK’s clean energy industry will have brand new, unprecedented access to India’s vast procurement market as the country makes the switch to renewable energy and continues to see growing energy demand.”
“For financial and professional business services, locked in access will offer certainty to expand in India’s growing market and measures such as binding India’s foreign investment cap for the insurance sector, ensuring UK financial services companies are treated on an equal footing with domestic suppliers”.
“Twenty-six British companies have announced new business in India. Airbus & Rolls-Royce will soon begin delivering Airbus aircraft – with over half powered by Rolls-Royce engines – to major Indian airlines as part of around £5 million worth of contracts recently agreed”, it added.
As part of the reinvigorated partnership, the UK and India have also agreed to strengthen cooperation in tackling corruption, serious fraud, organised crime, and irregular migration through enhanced intelligence sharing and operational collaboration, the statement said.
Prime Minister Narendra Modi arrived in the United Kingdom on Wednesday in the first leg of his two-nation visit. The Indian diaspora in London warmly welcomed PM Modi, marking a significant moment during his visit to the UK. (ANI)
