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In a landmark move, India and the UK signed a transformative Free Trade Agreement (FTA) during PM Modi’s visit to London, culminating three years of negotiations.
PM Modi and UK's Keir Starmer Seal Game-Changing Free Trade Agreement (Image Source: Internet)
New Delhi: Prime Minister Narendra Modi is currently on a two-day visit to Britain. During this visit, he met British Prime Minister Keir Starmer in London, where the two leaders held bilateral talks.
The biggest outcome of this conversation was the signing of a Free Trade Deal (FTA) between India and Britain. This agreement is aimed at further strengthening the comprehensive strategic partnership of the two countries.
What is FTA?
FTA, i.e., Free Trade Agreement, is an agreement in which both countries reduce or eliminate taxes and import duties to make trade easier between them.
What did PM Modi say?
Speaking to the press, Prime Minister Modi welcomed Keir Starmer and praised this historic agreement. He said that this free trade deal would be extremely beneficial for Indian consumers.
This agreement will reduce the prices of products like clothes and shoes, which will benefit consumers. Apart from this, India's seafood will find new opportunities in the UK market.
This agreement will prove beneficial for every section of India, as well as the UK economy, which will also benefit from it, and investment in India will increase. Prime Minister Modi said that this agreement will also strengthen global stability.
Cooperation between India and Britain is also increasing in the field of education. Six major British universities are opening campuses in India, of which one recently opened in Gurugram. Both countries also expressed solidarity against terrorism and condemned the recent terrorist attack in Pahalgam.
The Prime Minister said that this agreement will provide a better market for Indian textiles, footwear, jewelry, seafood, and engineering goods in Britain.
What did UK say?
Along with this, new opportunities will also be created for the Indian agricultural products and processed food industry. He talked about promoting technology, defense, climate, education, and connectivity between people under Vision 2035, which will make the partnership of the two countries strong and reliable.
British Prime Minister Starmer also called this agreement a major success for employment, investment, and economic development. He said that this agreement will create thousands of jobs in Britain and will help in increasing the money in the pockets of common people.
FTA was on the cards
Negotiations on this agreement were going on between India and Britain for three years, which have now been completed. Under this agreement, the export of leather, shoes, and clothes will increase, while the import of whiskey and cars from Britain will be cheaper.
Now it is yet to get approval from the British Parliament, after which this agreement will come into force. In this visit, Prime Minister Modi also met King Charles III of Britain and discussed bilateral relations. This visit is believed to take India-UK relations to new heights.
