Prime Minister Narendra Modi and UK Prime Minister Keir Starmer have hailed the successful conclusion of the India-UK free Trade Agreement (FTA) and the double contribution convention as a landmark achievement in their nations’ comprehensive strategic partnership.
The double contribution convention is an agreement between two countries aimed at addressing double taxation, ensuring that individuals or businesses do not pay taxes on the same income in both countries. It typically allows taxpayers to offset taxes paid in one country against their obligations in the other, promoting fair taxation and reducing the risk of duplication.
In a telephone conversation on May 6, the two leaders emphasised that the agreements represent a historic milestone in strengthening economic and commercial relations between the two countries.
Describing the agreements as “mutually beneficial,” the leaders noted that they will foster trade, economic cooperation, innovation, and job creation in both nations. They also highlighted the potential for these agreements to unlock new business opportunities, enhance economic linkages, and deepen people-to-people connections.
UK Prime Minister Starmer stated that strengthening international alliances and reducing trade barriers is central to the UK’s “plan for change,” aimed at delivering a stronger and more secure economy. The FTA is expected to significantly enhance bilateral trade, generate new employment opportunities, improve living standards, and elevate the overall well-being of citizens in both countries.
Covering trade in goods and services, the agreement is set to unlock significant potential for joint product and service development in global markets. It further solidifies the foundations of the India-UK comprehensive strategic partnership and paves the way for a new era of collaboration and prosperity.
As a gesture of goodwill, PM ways invited Starmer to visit India, reflecting the growing ties between the two nations. Both leaders agreed to remain in close contact and continue their discussions moving forward.
First Published: May 6, 2025 7:18 PM IS
