PM Modi and Starmer encourage business leaders to realise 'full potential' of opportunities

London, July 24 Prime Minister Narendra Modi and his British counterpart Keir Starmer interacted with business leaders from both nations after the signing of the Free Trade Agreement (FTA) between the two countries, on Thursday. Both leaders encouraged business leaders to realise the full potential of opportunities flowing from the Comprehensive Economic and Trade Agreement (CETA) for deepening trade, investment and innovation partnerships.

PM Modi and Starmer walked through an exhibition that featured flagship products and innovations from India and the United Kingdom.

In a statement shared on X, Ministry of External Affairs spokesperson Randhir Jaiswal stated, "Deepening the business and investment connection. PM Narendra Modi and PM Keir Starmer met with business leaders from India and UK following the signing of the historic India-UK Comprehensive Economic and Trade Agreement [CETA]. Leading Industry captains from both sides from various sectors were present in the meeting. Both leaders encouraged them to realise the full potential of opportunities flowing from the CETA for deepening trade, investment and innovation partnerships."

"Highlighting the tangible benefits of the CETA, the two leaders walked through a showcase featuring an impressive line-up of flagship products and innovations from both nations. The exhibits included gems and jewellery, engineering goods, quality consumer products and advanced technological solutions," he added.

Earlier in the day, India and the UK signed the Comprehensive Economic and Trade Agreement (CETA). The agreement was signed by Commerce and Industry Minister, Piyush Goyal and UK's Secretary of State for Business and Trade, Jonathan Reynolds in the presence of the two Prime Ministers.

The much-awaited FTA, is expected to boost annual bilateral trade by about USD 34 billion. As part of the landmark FTA, India will cut tariffs on 90 per cent of the UK products, while the UK will reduce duties on 99 per cent of Indian exports, significantly cutting tariff lines and regulatory processes across sectors. The pact is set to make imported goods like Scotch whiskey, gin, luxury cars, cosmetics, and medical devices more affordable for Indian consumers.

Following the signing of the FTA with the UK, PM Modi said that the pact is not just economic partnership but also a blueprint for shared prosperity. He stated that India and the UK have also reached a consensus on double contribution convention.

While making a press statement alongside his UK counterpart Keir Starmer, PM Modi said, "Today is a historic day in our relations. I am happy that after many years of hard work, the Comprehensive Economic and Trade Agreement has been concluded between the two countries. This Agreement does not merely pave way for economic partnership but is also a blueprint for our shared prosperity."

"Indian textile, footwear, gems and jewellery, seafood and engineering goods will get better market access in the UK. New opportunities will emerge in the UK market for India's agricultural produce and processed food industry. This agreement will especially benefit Indian youth, farmers, fishermen and MSME sector. On the other hand, people and the industries in India will be able to access products made in the UK such as medical devices, aerospace parts at affordable and reasonable prices," he added.

Starmer called the deal the "biggest and most economically significant trade deal" that the country has undertaken since after leaving the European Union (EU). He stated that India-UK FTA will boost wages, raise living standards and put more money in the pockets of the working class.

He said, "It is a deal which will bring benefit to both of our countries, boosting wages, raising living standards and putting more money in the pockets of working...It is good for jobs. It is good for business, cutting tariffs, making trade cheaper, quicker and easier. It is good for British workers in cutting edge manufacturing, whiskey distillers across Scotland and the service sector in London, Manchester and in Leeds. It is good for consumers because it will bring down prices on Indian goods in the United Kingdom, like the clothes and shoes and food and it will deliver benefits for the long term."

"It will add about 4.8 billion pounds to the UK economy every year and 2.2 billion pounds to wages and hundreds of millions of pounds to the regions and nations up and down the United Kingdom. We both know this is the biggest and most economically significant trade deal that the UK has made since leaving the EU and I think I can say it is one of the most comprehensive deals that India has ever done. So, thank you Prime Minister for your leadership and for your pragmatism and I would like to thank everybody who has worked so hard to get this deal over the line," he added.

Earlier, PM Modi called on Starmer at the Chequers Estate - the countryside retreat of the UK PM. Following the meeting, Prime Minister's Office in a post on X wrote, "PM @narendramodi held fruitful talks with UK PM @Keir_Starmer following the successful signing of the India-UK Comprehensive Economic and Trade Agreement (CETA)."

"The agreement paves the way for stronger economic cooperation between the two countries, offering enhanced market access for Indian textiles, footwear, gems and jewellery, engineering goods, agricultural products, processed foods and more. The leaders also unveiled Vision 2035, aimed at strengthening the Comprehensive Strategic Partnership, with a focus on key areas such as defence, education, semiconductors, sustainable development and people-to-people ties," it added.

PM Modi is on a two-day official visit to the UK at the invitation of his British counterpart. Upon his arrival in the UK, PM Modi received a warm welcome from Indian community members.

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