India and UK Sign Landmark Free Trade Agreement to Boost Trade and Prosperity
In a landmark development, India and the United Kingdom today signed a historic Free Trade Agreement (FTA) aimed at transforming economic cooperation and unlocking new opportunities for both nations.
The agreement was formalised following a high-level meeting between Prime Minister Narendra Modi and UK Prime Minister Keir Starmer at Chequers, the official country residence of the UK PM.
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Modi: Shared Prosperity, New Opportunities for Indian Sectors
Prime Minister Modi, in his joint press statement, called it a “historic day in India-UK bilateral relations,” highlighting the years of hard work that led to the finalisation of the Comprehensive Economic and Trade Agreement (CETA).
He emphasized that the deal will enhance market access in the UK for Indian products including:
- Textiles
- Footwear
- Gems and jewellery
- Seafood
- Engineering goods
Modi also pointed out that the processed food industry will find new opportunities in the UK, and the FTA would prove especially beneficial for Indian youth, farmers, fishermen, and the MSME sector.
Starmer: Most Significant Trade Deal Since Brexit
UK Prime Minister Keir Starmer called the agreement the “biggest and most economically significant trade deal” since the UK’s exit from the European Union.
He thanked Prime Minister Modi for his leadership and described the FTA as a game-changer that will:
- Boost wages and living standards
- Cut tariffs
- Make trade faster, cheaper, and easier
- Support British workers in advanced manufacturing, Scottish whisky distilleries, and the service sector in major cities
Starmer also noted that the deal would reduce prices for UK consumers on Indian goods and deliver long-term benefits for both countries.
Economic Impact
According to UK estimates, the agreement will:
- Add £4.8 billion annually to the UK economy
- Increase UK wages by £2.2 billion per year
This landmark agreement is expected to strengthen strategic ties, foster innovation, and significantly enhance bilateral trade, setting a new benchmark for global economic partnerships.
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