Landmark India-UK Free Trade Agreement Ushers in New Era
The finalization of the India-UK Free Trade Agreement marks a milestone in bilateral trade, enhancing opportunities for economic cooperation between the two major open market economies. This historic deal is set to benefit India's labor-intensive sectors and aligns with India’s vision of becoming a developed nation by 2047.
- Country:
- India
In a pivotal move underscoring international economic collaboration, Prime Minister Narendra Modi announced the completion of a landmark Free Trade Agreement (FTA) with the United Kingdom. This deal connects two of the world's largest open-market economies and is expected to stimulate growth and development for both nations.
Speaking at the ABP Network India@2047 Summit, PM Modi shared his discussions with UK Prime Minister Sir Keir Starmer, emphasizing the historic significance of this union. 'Today marks a new chapter,' Modi declared, highlighting the opportunities the agreement presents for the MSME sector.
The Commerce and Industry Ministry lauded the agreement, stating it would bolster jobs and exports, with 99% of Indian exports benefiting from zero duty. IT, financial, and educational services are expected to see significant growth, aligning with India's ambition of becoming a developed nation by 2047.
(With inputs from agencies.)
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