India-UK Agree On 'Ambitious', 'Mutually Beneficial' Trade Deal: PM Modi | Details Inside

India and the United Kingdom on Tuesday signed a historic free trade agreement following a telephonic conversation between Prime Minister Narendra Modi and his British counterpart Keir Starmer.

As per media reports, the deal primarily emphasises on lowering tariffs on goods such as whisky, advanced manufacturing parts and food products such as lamb, salmon, chocolates and biscuits. It also agrees to quotas on both sides for autos imports.

In an official statement, both the state heads welcomed the successful conclusion of the India-UK Free Trade Agreement (FTA).

Terming the deal a "historic milestone", PM Modi exuded hope on his X post saying that the move would further strengthen the strategic partnership between the two nations.

“Delighted to speak with my friend PM In a historic milestone, India and the UK have successfully concluded an ambitious and mutually beneficial Free Trade Agreement, along with a Double Contribution Convention. These landmark agreements will further deepen our Comprehensive Strategic Partnership, and catalyse trade, investment, growth, job creation, and innovation in both our economies. I look forward to welcoming PM Starmer to India soon,” posted PM Narendra Modi.

Echoing similar sentiments, UK Prime Minister Keir Starmer also said, "Today Britain has agreed a landmark trade deal with India. Fantastic news for British business, British workers, and British shoppers, delivering on our Plan for Change. Good to speak to Prime Minister as we mark this historic moment."

Both the leaders agreed that the landmark agreements between the two big and open-market economies of the world will open new opportunities for businesses, strengthen economic linkages and deepen people-to-people ties.

"PM Starmer said that strengthening alliances and reducing trade barriers with economies around the world is part of their Plan for Change to deliver a stronger and more secure economy," the offcial statement said.

"The two leaders agreed that expanding economic and commercial ties between India and the UK remain a cornerstone of the increasingly robust and multifaceted partnership. The FTA will also unlock new potential for the two nations to jointly develop products and services for global markets," it added.