Mumbai (Maharashtra) [India], October 9 : Prime Minister Narendra Modi on Thursday expressed confidence that India and the United Kingdom will double bilateral trade from the existing approximately USD 56 billion before the mutually set target of 2030.
Addressing the India-UK CEO Forum, PM Modi said the Comprehensive Economic and Trade Agreement (CETA) between the two countries is not just a trade agreement, but a roadmap for shared progress and shared prosperity between the world's two largest economies.
"Today, our bilateral trade is approximately USD 56 billion. We have set a target of doubling it by 2030. I am confident that we can achieve this target ahead of time: PM Modi at the India-UK CEO Forum in Mumbai," he said.
"This year has been unprecedented, enhancing the stability of India-UK relations amid the current global volatility. During my visit to the UK in July this year, we signed the Comprehensive Economic and Trade Agreement (CETA). I deeply appreciate and congratulate my friend Prime Minister Starmer for his commitment and vision for this historic achievement. This is not just a trade agreement, but a roadmap for shared progress, shared prosperity, and shared people between the world's two largest economies," he added.
United Kingdom Prime Minister Keir Starmer, who is on a two-day visit to India, also addressed the CEO Forum in Mumbai.
PM Modi said that, along with market access, this agreement will strengthen MSMEs in both countries, and it will also open new doors of employment for millions of youth.
"To ensure that this Comprehensive Economic and Trade Agreement (CETA) reaches its full potential, I would like to present four new dimensions to this CETA. These new dimensions of my CETA will perhaps broaden it considerably. 'C' stands for Commerce and Economy. 'E' stands for Education and People-to-People Relations. 'T' stands for Technology and Innovation. 'A' stands for Aspiration. Today, our bilateral trade is approximately $56 billion. We have set a target of doubling it by 2030. I am confident that we can achieve this target ahead of time," he said.
India and the United Kingdom took a significant step in strengthening their economic partnership with the signing of the Comprehensive Economic and Trade Agreement (CETA) in July of this year.
CETA secures unprecedented duty-free access for 99% of India's exports to the UK, covering nearly the entire trade basket. This is expected to open new opportunities for labour-intensive industries such as textiles, marine products, leather, footwear, sports goods, toys, and gems and jewellery, alongside fast-growing sectors like engineering goods, auto components, and organic chemicals.
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