New Delhi [India], May 6 : In his first statement after the much-awaited India-UK FTA is finalised, Commerce Ministry Piyush Goyal termed the deal to be a future-ready step that will unlock growth, jobs, and innovation in India.
He further stated it to be a true reflection of India's rising global economic stature.
"Under the guidance, leadership, and constant encouragement of Hon'ble PM Narendra Modi ji, India achieves another historic milestone. The IndiaUKFTA, along with a Double Contribution Convention, is a bold, future-ready step that will unlock growth, jobs, and innovation--accelerating our journey towards ViksitBharat2047. A true reflection of India's rising global economic stature," he wrote on X.
UK FTA negotiations were launched on January 13, 2022. Multiple rounds of negotiations have been held before finally reaching the deal.
UK Business and Trade Secretary Jonathan Reynolds and Commerce Minister Piyush Goyal held final talks in London last week after relaunching negotiations only two months ago. Negotiators across both sides have worked around the clock since February to get this deal done.
Prime Minister Modi and his UK counterpart Keir Starmer had a telephone conversation today. The two leaders welcomed the successful conclusion of an ambitious and mutually beneficial India-UK Free Trade Agreement along with the Double Contribution Convention.
The Leaders described it a historic milestone in the bilateral Comprehensive Strategic Partnership that would foster trade, investment, innovation and job creation in both the economies.
Both agreed that the landmark agreements between the two big and open market economies of the world will open new opportunities for businesses, strengthen economic linkages, and deepen people-to-people ties.
PM Starmer said that strengthening alliances and reducing trade barriers with economies around the world is part of their Plan for Change to deliver a stronger and more secure economy.
"Today we have agreed a landmark deal with India - one of the fastest growing economies in the world, which will grow the economy and deliver for British people and business. Strengthening our alliances and reducing trade barriers with economies around the world is part of our Plan for Change to deliver a stronger and more secure economy here at home," the UK PM said.
PM Modi and Starmer agreed that expanding economic and commercial ties between India and the UK remain a cornerstone of the increasingly robust and multifaceted partnership.
The conclusion of a balanced, equitable and ambitious FTA, covering trade in goods and services, is expected to significantly enhance bilateral trade, generate new avenues for employment, raise living standards, and improve the overall well-being of citizens in both countries.
It will also unlock new potential for the two nations to jointly develop products and services for global markets. This agreement cements the strong foundations of the India-UK Comprehensive Strategic Partnership, and paves the way for a new era of collaboration and prosperity.
Prime Minister Modi invited Prime Minister Starmer to visit India. The leaders agreed to remain in touch.