On Tuesday, British Prime Minister Keir Starmer spoke with Indian Prime Minister Narendra Modi about finalizing the Free Trade Agreement (FTA).
A nearly 50-second audio clip, shared by Hoshi on X, shows both leaders congratulating each other and agreeing that this trade deal would enhance their “strategic partnership.”
This multi-billion pound trade agreement is projected to cut tariffs by 90% and potentially contribute £4.8 billion annually to the UK’s economy by 2040.
Excerpts from the call between Modi and Starmer:
Prime Minister Modi: Hello, Your Excellency.
Prime Minister Starmer: Congratulations, Prime Minister. Today marks a significant historical achievement. This is the largest deal the UK has made since exiting the EU, and it’s arguably the most ambitious deal India has ever undertaken.
Prime Minister Modi: The credit goes to your vision and decisive leadership. This agreement further solidifies the UK-India strategic partnership.
Prime Minister Starmer: This is a transaction that will elevate the standard of living, increase disposable income for UK workers, and strengthen the unique ties between our nations. Thank you for this conversation and your leadership, Prime Minister. Today represents an important historical opportunity for both countries.
The deal was concluded by Minister of Commerce and Industry, Piyush Goyal, during a meeting with British Secretary of Business and Commerce, Jonathan Reynolds, last Friday in London.
Earlier, Starmer mentioned that the UK has secured a deal with India, highlighting it as “one of the fastest growing economies in the world, expanding its reach to UK citizens and businesses.”
Modi expressed on X: “In this historic milestone, India and the UK have successfully signed ambitious and mutually beneficial free trade agreements, enhancing our comprehensive strategic partnerships in trade, investment, job creation, and innovation.”
As per the Indian statement, this trade agreement, reached after three years of negotiations, assures broad market access for Indian products across various sectors, with India enjoying tariff exclusions in nearly all trade categories.
