Historic India-UK FTA Paves Way for Global Economic Milestone

In a groundbreaking development, India and the United Kingdom have officially finalized a free trade agreement (FTA) that promises to bolster economic growth, generate employment, and foster innovation in both nations. In his first statement following the deal's conclusion, Commerce Minister Piyush Goyal lauded the agreement as a 'future-ready step' that reflects India's growing global economic influence.

The negotiations, initiated on January 13, 2022, recently concluded with final discussions between UK Business and Trade Secretary Jonathan Reynolds and Goyal in London. The deal was reached after extensive efforts from negotiators who worked tirelessly since February. Prime Ministers Narendra Modi and Keir Starmer had a phone conversation to celebrate the milestone, which they termed a cornerstone of the Comprehensive Strategic Partnership between the two countries.

The leaders emphasized that the FTA, alongside a Double Contribution Convention, is a historic achievement that will improve trade and investment dynamics, enhance bilateral economic relations, and elevate living standards in both countries. Starmer highlighted that reducing trade barriers with a rapidly growing economy like India is pivotal to the UK's Plan for Change, aiming at economic strength and security. The agreement sets the stage for deeper collaboration and prosperity, with Modi inviting Starmer for a visit to India, reinforcing the enduring partnership.

(With inputs from agencies.)