"Biggest deal we've struck since we left EU": UK PM calls India-UK FTA "hugely important"

Mumbai (Maharashtra) [India], October 8 (ANI): British Prime Minister Keir Starmer met business leaders on Wednesday in Mumbai and called the India-UK trade partnership "really important", which the UK struck after it left the European Union.

Speaking at an interaction with industry leaders, Starmer said, "This is the biggest trade mission that the United Kingdom has ever sent to India." He noted that his visit marks the "return leg" after Prime Minister Narendra Modi's trip to the UK earlier this year.

The UK's exit from the EU has enabled it to forge new trade relationships, and the India-UK FTA is a significant step in this direction. This agreement reduces the UK's reliance on EU trade and strengthens economic ties with a rapidly growing economy, such as India.

Calling the Free Trade Agreement (FTA) signed in July this year between the two countries "really important," Starmer said, "It's the biggest deal we've struck since we left the European Union. I think it's also the biggest deal that India has ever struck, so it's hugely important."

The UK-India Free Trade Agreement (FTA) is a landmark deal that aims to boost bilateral trade between the two nations by £25.5 billion annually. Signed in July 2024 during Prime Minister Narendra Modi's visit to the UK, this agreement marks a significant milestone in the economic partnership between the world's fifth- and sixth-largest economies.

The deal includes substantial tariff reductions on goods such as textiles, whisky, and cars, making Indian exports more competitive in the UK market and vice versa.

Indian businesses will gain greater access to the UK market, with the UK offering 99.1% of tariff lines with 100% trade value, mostly at zero duty immediately upon the agreement's enforcement.

The FTA is expected to create thousands of jobs in both countries, particularly in sectors like textiles, leather, footwear, sports goods, and engineering.

The trade pact aims to expand market access, reduce tariffs, and double bilateral trade by 2030.

In a light-hearted moment, he was also seen taking a selfie with a disposable camera during an interaction with business leaders at the Taj Mahal Palace in Mumbai.

Furthermore, Prime Minister Narendra Modi also extended a warm welcome to his British counterpart, who is on his first official visit to India.

PM Modi expressed optimism on his visit and looked forward for advancing the India-UK ties.In a post on X on Wednesday, he said, "Welcome Prime Minister Keir Starmer on your historic first visit to India with the largest ever trade delegation from the UK. Looking forward to our meeting tomorrow for advancing our shared vision of a stronger, mutually prosperous future."

Upon arrival at the Chhatrapati Shivaji Maharaj International Airport in Mumbai, he was recieved by Maharashtra Governor Acharya Devvrat, Chief Minister Devendra Fadnavis, Deputy CMs Eknath Shinde and Ajit Pawar.

"A warm welcome to PM Keir Starmer of the United Kingdom! Received by the Governor of Maharashtra and Gujarat, Acharya Devvrat, at the airport. This is PM Starmer's first visit to India. This visit marks a new chapter in our strong & dynamic India-UK partnership," the MEA said. (ANI)

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