UK and India sign ‘historic’ £6bn free trade agreement during Modi visit
Britain and India signed a free trade agreement during a visit by Indian Prime Minister Narendra Modi on Thursday, and signed an agreement from textiles to whiskey and cars to cut goods and allow more market access to businesses.
Sir Keir Starmer said to his Indian colleague. The signing of the trade agreement was a “historical day için for the two countries.
Sir Keir, the Prime Minister’s country residence auditors, said that the agreement was “step change ında in relationships.
Mr. Modi said that they have written a new episode ”in common history of England and India.
The agreement will be worth an investment value of 6 billion pounds for the British economy, and both leaders agreed to increase their efforts to fight illegal migration and organized crime. After three-year Stop-Start negotiations, the two countries held talks on the trade agreement in May, and both sides accelerated efforts to make an agreement in the shade. tariff turmoil US President Donald was released by Trump.
Sir Keir said, “Today, what I think is a historical day for both countries and the promotion of our commitment to each other is really pleased and privileged to welcome you here.”
Modi, who spoke through a translator, described England and India as “natural partners ..
“We have entered a new global period, and this is a period that requires us not to leave aside by establishing deeper partnerships and alliances.” He said. Mr. Modi said that the visit will “have a long way to advance the economic partnership among our nations”.
Business Secretary Jonathan Reynolds and Indian counterpart Pussh Goyal officially signed the trade agreement at the Dama Grand Hall.
It is understood that the UK-India trade agreement is the largest of its species due to the economic impact on England.
In order to increase imports of £ 11 billion to the South Asian nation, a series of tariffs in a series of British goods will see that an average of 15 percent to 3 percent.
While whiskey tariffs will be reduced to half and fall further in the following years, other industries, including non -alcoholic beverages, cars and cosmetics, are expected to serve as cheaper tasks.
The agreement is expected to result in an investment of 6 billion pounds by 2,200 work and British and Indian enterprises throughout the country.
The impact will be the part of the effect of leaving the orbit of the nearest trade partner, but the England’s biggest trade agreement since it has left the European Union in 2020.
For India, it represents the largest strategic partnership with an advanced economy and represents someone who has long been controversial with the EU and a template for negotiations with other regions. After a approval process, it will probably come into force within a year.
Britain and India support the cooperation in the fight against corruption, fraud, organized crime and illegal migration by sharing criminal records and other intelligence.
However, the agreement did not provide England as much access to India’s finance and legal services industries as much as he wanted.
The agreement promises some benefits for the British financial services, Rachel Reeves, Chancellor, realized that he pushed on behalf of the sector in talks with the Indian counterpart.
However, broader access was not accepted and negotiations with a bilateral investment agreement aiming to protect British investments in India are continuing.
The two countries also continue to discuss a tax plans on high -carbon industries, which India can unjustly hit imports.
The negotiations on the agreement began as Prime Minister Boris Johnson in 2022 and ended in May this year.
Shadow Business Secretary Andrew Griffith said it was only possible because of the Brexit given by the conservatives ”.
The British Industry Confederation (CBI) said that the signature sends a strong signal that the UK is open for business and that it is determined to be determined in the free and fair trade commitment ”.
CEO Rain Newton-Smith added: “A trade agreement with India, one of the fastest growing economies in the world, is a long-term partnership and a jumpboard for prosperity. The UK can benefit from this new platform to scale, diversify and compete on global stage.”
