India-UK Trade Pact: A New Dawn for Bilateral Prosperity

Prime Minister Narendra Modi has declared the India-UK trade agreement a pivotal route to shared economic progress, urging businesses to pinpoint sectors for achieving global benchmarks. This announcement was made during a CEO forum alongside British Prime Minister Keir Starmer, where Modi highlighted India's policy stability and vast market potential as investment incentives for UK firms.

Modi emphasized the synergy of India's talent with the UK's research and development strengths, describing the Comprehensive Economic and Trade Agreement (CETA) signed in July as a non-traditional trade deal designed to spur shared prosperity between the nations. This pact presents opportunities to boost micro, small, and medium enterprises (MSMEs) and job creation amid global financial uncertainties.

Starmer, addressing business leaders, advocated for removing trade barriers and capitalizing on the CETA's potential, which has already enhanced trade and investment by £6 billion since its inception. Modi forecasted a doubling of the current $56 billion bilateral trade before 2030 and outlined sectors ripe for India-UK collaboration, including telecom, artificial intelligence, and green hydrogen.

(With inputs from agencies.)