Is the India-UK FTA a Blueprint for Shared Prosperity?

London, July 24 (NationPress) Describing the Free Trade Agreement (FTA) between India and the UK as historic, Prime Minister Narendra Modi remarked on Thursday that this agreement signifies more than just an economic partnership; it serves as a blueprint for shared prosperity. He also mentioned that India and the UK have come to an agreement on the double contribution convention.

In a press conference alongside UK Prime Minister Keir Starmer, PM Modi stated, "Today marks a historic milestone in our bilateral relations. After extensive negotiations, we have successfully concluded the Comprehensive Economic and Trade Agreement. This pact is not merely a pathway to economic collaboration; rather, it is a roadmap for mutual prosperity."

He highlighted that Indian sectors such as textiles, footwear, gems and jewellery, seafood, and engineering goods will enjoy enhanced access to the UK market. New avenues will open for India's agricultural products and the processed food industry in the UK. This agreement is poised to particularly benefit Indian youth, farmers, fishermen, and the MSME sector. Conversely, Indian consumers will gain access to UK-made products like medical devices and aerospace components at competitive prices.

Earlier that day, PM Modi and Starmer finalized the eagerly anticipated FTA, which is projected to increase annual bilateral trade by approximately USD 34 billion.

PM Modi expressed his gratitude to Starmer for his warm reception in the UK and extended an invitation for him to visit India. He emphasized that the agreements forged between India and the UK would contribute to global stability and prosperity.

"Prime Minister, I sincerely appreciate your generous hospitality. I also invite you to visit India, hoping we can welcome you soon," he said.

PM Modi unveiled the India-UK Vision 2035, stating, "This vision serves as a strategic framework for a robust partnership in technology, defence, climate, education, and people-to-people connections."

He added, "In conjunction with this agreement, we have reached an understanding on the double contribution convention, which will invigorate the service sectors in both nations, particularly in technology and finance. It will facilitate ease of doing business, lower costs, and bolster confidence in business operations. Moreover, the UK's economy will benefit from India's skilled workforce. These agreements are essential for enhancing investments and creating new job opportunities in both countries. As agreements between two democracies and major global economies, they will support global stability and prosperity."

Emphasizing the ongoing collaboration in technological security, PM Modi noted, "A defence industrial roadmap has been established to enhance our partnership in defence and security. We are committed to advancing our technological security initiative, focusing on everything from AI to critical minerals, semi-conductors to cybersecurity; we will build the future together."

Discussing educational cooperation, PM Modi announced that six UK universities will establish campuses in India, recalling the recent inauguration of the Southampton University campus in Gurugram.

He underscored the significant role of the Indian diaspora in strengthening ties with the UK, stating, "The Indian-origin community in the UK serves as a vital link in our relations. They have brought not only cuisine but also creativity, commitment, and character to the UK. Their contributions transcend the economy, enriching the culture, sports, and public service sectors of the UK."

He also highlighted the shared passion for cricket between the two nations, affirming India's commitment to fostering a thriving partnership with the UK.

"When India and the UK clash on the cricket field, especially during a Test series, it's natural to reference the sport. For both of us, cricket embodies not just a game but a fervent passion and a powerful metaphor for our partnership. There may be ups and downs, but we always play with integrity. We are dedicated to establishing a solid and fruitful partnership. The agreements finalized today and the Vision 2035 initiative are significant steps toward this goal," he remarked.

In closing, PM Modi offered condolences to the families affected by the Air India plane crash in Ahmedabad, saying, "Among the victims of last month's accident in Ahmedabad were several individuals from the UK. We extend our heartfelt condolences to their families."