Washington DC (US), May 6 : U.S.-India Strategic Partnership Forum (USISPF) on Tuesday congratulated the governments of India and the United Kingdom on finalising a free trade agreement.
USISPF, in a statement, said that this "milestone reflects a shared commitment to strengthening economic ties and fostering inclusive growth."
USISPF remain optimistic about U.S.-India trade negotiations on a Bilateral Trade Agreement and said that it will unlock new avenues for investment, deepen economic relations, and enhance people-to-people ties.
"As India broadens its global trade engagements, USISPF remains optimistic about the progress in U.S.-India trade negotiations on a Bilateral Trade Agreement (BTA). Recent high-level exchanges reaffirm both countries' commitment to first conclude an interim reciprocal tariff deal and build on that in BTA negotiations. We encourage continued momentum toward a comprehensive agreement that will unlock new avenues for investment, deepen economic relations, and enhance people-to-people ties," USISPF said in a statement.
Earlier in the day, Prime Minister Narendra Modi said that the landmark Free Trade Agreement centered on mutual trade and economic cooperation between two of the world's largest powers and open market economies, marks the beginning of a new chapter in the growth and development of both countries.
Speaking at the ABP Network India@2047 Summit, the Prime Minister referred to his conversation with his UK counterpart Sir Keir Starmer concerning FTA and said two of the world's biggest open markets have come together
"I am glad to inform you that India-UK trade union has been finalised. The two world's biggest open markets have come together, which will add to their histories..This will also open new opportunities for the MSMEs sector," PM Modi said.
"Today is a historic day for India. I spoke to the British Prime Minister a while ago... I am happy to inform you that the India-UK free trade agreement has now been finalised. This agreement on mutual trade and economic cooperation between the two largest and open-market economies of the world will add a new chapter in the development of both countries," he added.
India and the UK have successfully concluded an ambitious and mutually beneficial Free Trade Agreement (FTA), along with a Double Contribution Convention in a historic deal that will open up massive export opportunities for many labour-intensive sectors in India.
The Commerce and Industry Ministry said in release that the "historic and ambitious deal" will boost jobs, exports and national growth.
It said that 99 per cent Indian exports will benefit from zero duty and the agreement will provide a significant boost to trade in services, such as IT/ITeS, financial services, professional services, other business services and educational services.