Historic India-UK FTA Ushers New Era of Economic Cooperation

In a significant development, Prime Minister Narendra Modi declared the successful conclusion of a Free Trade Agreement (FTA) between India and the United Kingdom, emphasizing the importance of this partnership between two major global market economies. Speaking at the ABP Network India@2047 Summit, Modi highlighted the agreement's potential to herald a new era of growth and prosperity for both nations.

The announcement comes following discussions with UK Prime Minister Sir Keir Starmer, underscoring the mutual commitment to enhancing trade and economic collaboration. The FTA promises to provide enormous export opportunities for India's labour-intensive sectors, offering zero duty benefits to 99% of Indian exports and bolstering trade in crucial services like IT and finance.

The Commerce and Industry Ministry lauded the agreement as a 'historic and ambitious deal,' which aligns with India's vision for a developed nation by 2047, or 'Viksit Bharat 2047'. Prime Minister Modi highlighted the vital role of youth and women in India's transformative journey, reinforcing the nation's capacity, resources, and determination to achieve this vision.

(With inputs from agencies.)