Prime Minister Narendra Modi and British Prime Minister Keir Starmer are set to sign a landmark India-UK trade deal in the UK, which is forecast to boost bilateral trade by £25.5 billion annually. This trade agreement is both India's most comprehensive ever and the UK's most economically significant bilateral trade deal since leaving the EU.

It significantly improves market access for businesses in both countries, reducing average tariffs from 15% to 3% on British goods entering India and removing tariffs on 99% of Indian exports to the UK. The deal covers a wide range of products including soft drinks, cosmetics, cars, medical devices, textiles, apparel, and pharmaceuticals, making goods cheaper and more accessible for consumers in both countries.

Alongside the trade deal, the two leaders will unveil the renewed Comprehensive Strategic Partnership called the UK-India Vision 2035.

This partnership aims to take bilateral relations to new heights over the next decade, going beyond trade to include enhanced cooperation in defence through a new Defence Industrial roadmap, innovation, climate change, border security, tackling organised crime and corruption, educational connections, and harnessing frontier technologies to strengthen national security. The Vision 2035 is designed to foster prosperity, innovation, and deeper strategic ties amid rapid global change.

The trade deal is expected to create thousands of jobs in both countries and unlock new opportunities for businesses. British companies, including Airbus and Rolls-Royce, have already announced significant business contracts in India as part of this expanding partnership. The deal also includes measures to ensure UK financial services companies have equal footing in the Indian market by binding foreign investment caps in certain sectors.

Prime Minister Modi arrived in the UK for this pivotal signing, where his visit also highlights the strong ties with the Indian diaspora and their warm welcome. The signing marks exactly one year since the India-UK Technology Security Initiative, with commitments to further collaborate on emerging technologies and national security.

In essence, this trade agreement and Vision 2035 pact signify a major step in India-UK relations, aiming to boost economic growth, job creation, and bilateral cooperation across multiple critical sectors.

Based On ANI Report