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UK and India Seal Historic Trade Deal: A New Era of Prosperity
In a landmark moment, UK Prime Minister Sir Keir Starmer and Indian Prime Minister Narendra Modi have officially signed a multi-billion pound free trade agreement. This eagerly anticipated deal, three years in the making, promises significant export boosts for both nations, making British cars and whisky cheaper in India, and Indian textiles and jewellery more affordable in the UK. Hailed as Britain's most economically significant trade deal since Brexit, it's set to create thousands of jobs and strengthen the deep-rooted ties between the two countries.
Guwahati,Assam – A new chapter in UK-India relations was officially penned today as Prime Minister Sir Keir Starmer and his Indian counterpart, Shri Narendra Modi, signed a groundbreaking free trade agreement at the UK Prime Minister's country residence, Chequers. This multi-billion pound deal, the culmination of three years of intense negotiations, is poised to deliver a significant export boost for both nations and is lauded as Britain's most economically significant trade agreement since its departure from the European Union.
Under the new terms, British-made cars and world-renowned whisky will become more affordable to export to India, offering a substantial advantage to UK producers. Conversely, Indian textiles and exquisite jewellery will see reduced tariffs when entering the UK market, opening up new opportunities for Indian businesses and potentially offering British consumers more competitive prices and greater choice.
Speaking at the signing ceremony, Sir Keir Starmer declared the agreement "signed, sealed, delivered," emphasising its pivotal role in showcasing Britain's commitment to global trade. "The UK has been negotiating a deal like this for many years, but it is this government that got it done," he stated, asserting that the deal sends a "very powerful message that Britain is open for business." The Prime Minister projected that the agreement will generate over 2,200 new jobs across the UK as Indian firms expand their operations and British companies secure fresh business ventures in India. Beyond economics, Sir Keir underscored the "unique bonds of history, of family and of culture" shared between the two nations, highlighting a desire to further strengthen their comprehensive relationship.
Prime Minister Modi echoed this sentiment, hailing the agreement as "a blueprint for our shared prosperity." He detailed the reciprocal benefits: "On the one hand, Indian textiles, footwear, gems and jewellery, seafood, engineering goods will get better market access in the UK... On the other hand, people and industries in India will be able to access products made in the UK, such as medical devices and aerospace parts, at affordable and attractive prices."
The journey to this agreement began in 2022 under former Prime Minister Boris Johnson. While the current government has successfully brought it to fruition, Conservative shadow business secretary Andrew Griffith acknowledged the deal as "a step in the right direction," crediting the Conservatives for the initial groundwork post-Brexit. However, he also raised concerns about potential future policies, suggesting that any gains could be offset by domestic measures.
A crucial element of the deal also includes a new India-UK plan to combat illegal migration, a point of contention during previous discussions. Concerns had been raised by opponents that extended social security terms within the deal could potentially disadvantage British workers. However, UK Business Secretary Jonathan Reynolds strongly refuted these claims, clarifying that Indian workers on temporary secondment to the UK would receive the same terms already extended to numerous other countries.
This historic agreement is set to redefine trade ties, fostering deeper economic collaboration and reinforcing the enduring partnership between the United Kingdom and India.(source-bbc)
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