Empire Strikes a Trade Deal: India and UK's Pivotal Pact
India and the UK have signed a historic free trade agreement aimed at doubling bilateral trade by 2030. The deal reduces tariffs on key products and enhances market access, while emphasizing cooperation on security and anti-terrorism. Leaders Narendra Modi and Keir Starmer emphasized it as a major post-Brexit achievement.
- Country:
- United Kingdom
In a landmark move, India and the United Kingdom signed a comprehensive free trade agreement on Thursday, promising to double bilateral trade by 2030. The pact slashes tariffs on British whisky and cars, among other commodities, amid increasing global uncertainties regarding trade policies led by Washington.
Prime Minister Narendra Modi, alongside UK Prime Minister Keir Starmer, hailed the deal as historic. Their meeting at Chequers underscores the relentless negotiations leading up to the agreement, seen as UK's most significant trade deal since Brexit. Starmer declared it a crucial milestone in economic relations post-EU departure.
The agreement is anticipated to benefit 99% of India's exports and facilitate market entry for Indian agricultural and processed food products into Britain. The accord also focuses on strengthening ties in the sectors of security and anti-terrorism, reflecting a robust strategic partnership between the two nations.
(With inputs from agencies.)
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