FTA, UK-India Vision 2035 high on agenda

Prime Minister Narendra Modi is on a two-day visit to the UK. The visit assumes significance as the FTA, billed as the UK’s most economically significant bilateral trade deal since leaving the European Union, will be signed in the presence of Prime Minister Narendra Modi and his British counterpart Keir Starmer.The India-UK free trade agreement (FTA) will significantly improve market access and will boost bilateral trade by around US $34 billion annually, the British government said on Thursday, hours before formalising the landmark deal.

The two prime ministers will also unveil an “UK-India Vision 2035” to take their partnership to new heights in a time of rapid global change.

The UK said Indian consumers will benefit from improved access to the best British products as average tariffs will drop from 15% to 3% after the FTA kicks in.

Starmer said, “Our landmark trade deal with India is a major win for Britain. It will create thousands of British jobs across the UK, unlock new opportunities for businesses and drive growth in every corner of the country, delivering on our Plan for Change.”

On the FTA, the UK said it is forecast to boost bilateral trade by 25.5 billion pounds (USD 34 billion) yearly. It is both India’s most comprehensive deal ever, and the UK’s most economically significant bilateral trade deal since leaving the EU, the UK said.