How are PM Modi and Starmer Encouraging Business Leaders to Maximize Opportunities?

London, July 24 (NationPress) Prime Minister Narendra Modi and British Prime Minister Keir Starmer engaged with business leaders from both nations following the signing of the Free Trade Agreement (FTA) on Thursday. The leaders urged business professionals to harness the full potential of the opportunities arising from the Comprehensive Economic and Trade Agreement (CETA) to enhance trade, investment, and innovation partnerships.

During their visit, PM Modi and Starmer toured an exhibition showcasing leading products and innovations from India and the United Kingdom.

In a statement shared on social media, Randhir Jaiswal, spokesperson for the Ministry of External Affairs, remarked, "Strengthening the business and investment connection. PM Narendra Modi and PM Keir Starmer met with industry leaders from India and the UK after the historic signing of the CETA. Prominent industry leaders from various sectors participated in the meeting, where both leaders encouraged them to leverage the full potential of the CETA for enhancing trade, investment, and innovation partnerships."

"Emphasizing the tangible advantages of the CETA, both leaders walked through a display featuring a remarkable array of flagship products and innovations from both nations. The exhibits showcased gems and jewellery, engineering goods, high-quality consumer products, and advanced technological solutions," he added.

The Comprehensive Economic and Trade Agreement (CETA) was formally signed earlier in the day 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.

This much-anticipated FTA is expected to increase annual bilateral trade by approximately USD 34 billion. Under this landmark agreement, India will reduce tariffs on 90% of UK products, while the UK will lower duties on 99% of Indian exports, significantly streamlining tariff lines and regulatory processes across various sectors. The pact is set to make imports such as Scotch whiskey, gin, luxury cars, cosmetics, and medical devices more affordable for Indian consumers.

After the signing of the FTA, PM Modi remarked that the agreement signifies more than just an economic partnership; it represents a roadmap for shared prosperity. He also mentioned that India and the UK have reached a consensus regarding double contribution conventions.

During a press conference with Keir Starmer, PM Modi stated, "Today marks a historic milestone in our bilateral relations. I am pleased that after many years of diligent efforts, we have successfully concluded the Comprehensive Economic and Trade Agreement. This agreement is not merely an economic partnership but a blueprint for our collective prosperity."

"Indian sectors such as textiles, footwear, gems and jewellery, seafood, and engineering goods will receive improved market access in the UK. New opportunities will arise for India's agricultural products and processed food sector in the UK market. This agreement will particularly benefit Indian youth, farmers, fishermen, and the MSME sector. Conversely, consumers in India will gain access to UK manufactured products like medical devices and aerospace components at affordable prices," he continued.

Starmer referred to the agreement as the "largest and most economically significant trade deal" the nation has pursued since its exit from the European Union (EU). He expressed that the India-UK FTA will enhance wages, elevate living standards, and increase disposable income for the working class.

He stated, "This deal will benefit both nations by improving wages, uplifting living standards, and putting more money in the pockets of workers. It is favorable for job creation and business, as it reduces tariffs, making trade cheaper, faster, and more efficient. It will also benefit British workers in advanced manufacturing, whiskey producers in Scotland, and service industries in cities like London, Manchester, and Leeds. Consumers will also see reduced prices for Indian goods in the UK, including clothing, footwear, and food products, providing long-term advantages."

"This agreement is anticipated to contribute about £4.8 billion to the UK economy annually, with an estimated £2.2 billion increase in wages and hundreds of millions of pounds benefiting various regions across the UK. We recognize this as the largest and most economically significant trade deal the UK has executed since leaving the EU and one of the most comprehensive agreements India has ever made. I extend my gratitude to the Prime Minister for his leadership and pragmatism and to all those who have diligently worked to finalize this deal," he added.

Earlier, PM Modi visited Starmer at Chequers Estate, the countryside retreat of the UK Prime Minister. Following the meeting, the Prime Minister's Office posted on social media stating, "PM @narendramodi held productive discussions with UK PM @Keir_Starmer following the successful signing of the India-UK Comprehensive Economic and Trade Agreement (CETA)."

"This agreement lays the groundwork for enhanced economic collaboration between the two nations, offering improved market access for Indian textiles, footwear, gems and jewellery, engineering goods, agricultural products, processed foods, and more. The leaders also introduced Vision 2035, aimed at bolstering the Comprehensive Strategic Partnership, focusing on key areas such as defence, education, semiconductors, sustainable development, and enhancing 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, he was warmly welcomed by members of the Indian community.