NEW DELHI: Following the finalisation of the India-UK Free Trade Agreement (FTA), Commerce Minister Piyush Goyal described it as a progressive initiative aimed at fostering growth, employment opportunities and innovation in India, while reflecting the nation’s growing economic influence globally.“Under the guidance, leadership, and constant encouragement of Hon’ble PM Narendra Modi ji, India achieves another historic milestone. The India-UK FTA, along with a Double Contribution Convention, is a bold, future-ready step that will unlock growth, jobs, and innovation–accelerating our journey towards ViksitBharat2047. A true reflection of India’s rising global economic stature,” he wrote on X.The UK FTA negotiations commenced on January 13, 2022, involving several rounds of discussions before reaching the final agreement.UK Business and Trade Secretary Jonathan Reynolds and Commerce Minister Piyush Goyal conducted concluding discussions in London recently, following the negotiations’ relaunch two months prior. Both nations’ negotiating teams have worked continuously since February to finalise this agreement.Meanwhile, during their telephone conversation on Tuesday, Prime Minister Modi and UK Prime Minister Keir Starmer acknowledged the successful completion of the comprehensive India-UK Free Trade Agreement and Double Contribution Convention.The leaders recognised this as a significant achievement in their bilateral Comprehensive Strategic Partnership, anticipating enhanced trade, investment, innovation and employment opportunities in both countries.They concurred that these significant agreements between two major market economies would create new business prospects, enhance economic connections and strengthen cultural ties. Both leaders also affirmed that expanding economic and commercial relations remains crucial to their growing multifaceted partnership.PM Modi termed the deal as a “historic moment” and “mutually beneficial”. “Delighted to speak with my friend PM Keir Starmer. In a historic milestone, India and the UK have successfully concluded an ambitious and mutually beneficial Free Trade Agreement, along with a Double Contribution Convention. These landmark agreements will further deepen our Comprehensive Strategic Partnership, and catalyse trade, investment, growth, job creation, and innovation in both our economies.I look forward to welcoming PM Starmer to India soon,” PM said.Read more: India, UK forge Free Trade Agreement, PM Modi terms it ‘historic milestone’The comprehensive FTA, encompassing goods and services trade, aims to boost bilateral commerce, create employment opportunities, enhance living standards and improve citizens’ welfare in both nations.
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