India's Prime Minister Shri Narendra Modi spoke with the United Kingdom's Prime Minister H.E. Sir Keir Starmer in a telephone conversation today, welcoming the successful conclusion of an ambitious and mutually beneficial India-UK Free Trade Agreement along with the Double Contribution Convention.
The two leaders described it as a historic milestone in the bilateral Comprehensive Strategic Partnership that would foster trade, investment, innovation, and job creation in both economies. They agreed that the landmark agreements between the two big and open market economies of the world will open new opportunities for businesses, strengthen economic linkages, and deepen people-to-people ties.
Prime Minister Starmer emphasized the importance of strengthening alliances and reducing trade barriers with economies around the world as part of their Plan for Change to deliver a stronger and more secure economy. The two leaders agreed that expanding economic and commercial ties between India and the UK remain a cornerstone of their increasingly robust and multifaceted partnership.
The conclusion of a balanced, equitable, and ambitious Free Trade Agreement (FTA), covering trade in goods and services, is expected to significantly enhance bilateral trade, generate new avenues for employment, raise living standards, and improve the overall well-being of citizens in both countries. This agreement will also unlock new potential for the two nations to jointly develop products and services for global markets.
Cementing the strong foundations of the India-UK Comprehensive Strategic Partnership, this agreement paves the way for a new era of collaboration and prosperity. Prime Minister Modi extended an invitation to Prime Minister Starmer to visit India, with both leaders agreeing to remain in touch.
The bilateral Free Trade Agreement is expected to have far-reaching implications for trade, investment, and economic cooperation between India and the UK, marking a significant milestone in their Comprehensive Strategic Partnership.