London: Prime Minister Narendra Modi and his UK counterpart Keir Starmer hailed the free trade agreement signed between the UK and India as the biggest British trade pact since Brexit.
The two leaders said the trade deal, which is projected to boost the UK economy by £4.8bn a year and bring in £6bn of investment by British and Indian businesses, marked a “step-change” in relations between their countries.
Modi and Starmer addressed the press following the signing, calling it a historic moment that ushers in a new era of economic and diplomatic cooperation. The deal promises to boost bilateral trade, investments, and innovation partnerships, deepening strategic ties between the two democracies. The agreement will result in average tariffs on UK goods being cut from 15% to 3%, with whisky tariffs halved initially and reduced further over the next few years. It still needs to be ratified by the British and Indian parliaments, a process that will take several months.