London: India and the UK on Thursday inked a landmark free trade pact that will increase market access, cut tariffs on British whisky and cars among other items and double bilateral trade by 2030 as the two strategic partners vowed to chart a new growth path amid growing global concerns over Washington’s trade policies.
Today is a historic day in India-UK relations, said Prime Minister Narendra Modi, who witnessed the signing of the trade pact along with his British counterpart Keir Starmer.
After many years of hard work, a comprehensive economic and trade agreement has been inked between India and the UK, he noted, with Starmer by his side at Chequers, the country residence of the British PM.
The two leaders held a tete-a-tete before holding serious talks.
The deal is expected to benefit 99 per cent Indian exports from tariff.
In his remarks, Starmer said it is the biggest and economically most significant trade deal that the UK has signed since leaving the European Union.
In his media statement, Modi thanked the UK for its strong condemnation of the Pahalgam terror attack and said both sides are united that “there is no place for double standards in the fight against terrorism.”
We agree that forces with extremist ideologies cannot be allowed to misuse democratic freedoms, he said.
Modi said security agencies of India and the UK will continue to enhance cooperation and coordination on matters such as the extradition of economic offenders.
On the free trade pact, Modi said it will create new opportunities in the British market for India’s agricultural produce and processed food industry, and that it will be particularly beneficial for India’s youth, farmers, fishermen, and MSME sector.
Indian textiles, footwear, gems and jewellery, seafood, and engineering goods will gain better market access in the UK, he added.
Modi said India and the UK are also firming up the “Vision 2035′ roadmap to give new momentum and energy to the comprehensive strategic partnership between the two sides in the next decade.
The prime minister also touched upon the overall situation in the Indo-Pacific.
We have continued to share views on peace and stability in the Indo-Pacific, ongoing conflict in Ukraine, and the situation in West Asia, he said.
The prime minister asserted that respect for the sovereignty and territorial integrity of all countries is essential.
The demand of today’s era is not “expansionism, but developmentalism”, he said.
Modi also condoled the deaths of several British citizens in the Air India plane crash in Ahmedabad last month.
