In a press statement with his UK counterpart Keir Starmer in London, Mr Modi said, “I am pleased that, after years of dedicated efforts, the CETA between our two countries has been concluded today.”
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Prime Minister Narendra Modi, lauding the signing of the landmark India-UK Free Trade Agreement officially known as the Comprehensive Economic and Trade Agreement (CETA), said on Thursday that it would add a momentum to the ‘Make in India’-led growth and export promotion.
In a series of posts on X, Modi said, “This agreement will also provide Indian consumers with high-quality goods at competitive prices. The future indeed holds the promise of greater prosperity and deeper ties between our nations!”
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“Labour-intensive sectors such as textiles, leather & footwear, marine, gems and jewellery, organic chemicals, plastics, auto parts, artisanal products and services are poised for strong growth. This will ensure further acceleration of India’s journey towards becoming a global manufacturing hub,” the prime minister said.
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“A new chapter begins today in the India-UK economic partnership! The signing of the Comprehensive Economic and Trade Agreement (CETA) reflects our shared commitment to enhancing trade, driving inclusive growth and creating opportunities for farmers, women, youth, MSMEs, and professionals,” he added.
Earlier in the day, the prime minister and his UK counterpart Keir Starmer signed the much-awaited FTA touted to boost annual bilateral trade by about USD 34 billion.
In a press statement with Prime Minister Starmer in London, after the signing of the landmark Free Trade Agreement, Mr Modi said, “Today marks a historic milestone in our bilateral relations. I am pleased that, after years of dedicated efforts, the Comprehensive Economic and Trade Agreement between our two countries has been concluded today.”
PM Modi said this agreement is more than just an economic partnership; it is also a blueprint for shared prosperity.
“On the one hand, it paves the way for enhanced market access in the UK for Indian textiles, footwear, gems and jewellery, seafood, and engineering goods. It will also unlock new opportunities for India’s agricultural produce and processed food industry. Above all, this agreement will be especially beneficial for India’s youth, farmers, fishermen, and the MSME sector,” he said.
On the other hand, UK-made products such as medical devices and aerospace components will become more accessible and affordable for Indian consumers and industries, the Prime Minister said.
He said alongside the trade agreement, a consensus has also been reached on the Double Contribution Convention.
“This will inject new momentum into the service sectors of both countries, particularly in technology and finance. It will enhance the ease of doing business, reduce operational costs, and boost confidence of doing business. Additionally, the UK economy will benefit from access to skilled Indian talent,” the prime minister said.
“These agreements will boost bilateral investment and generate new employment opportunities in both countries. Moreover, these agreements between two vibrant democracies and major global economies, will also contribute to strengthening global stability and shared prosperity,” Modi said.
He said to infuse new momentum and energy into “our Comprehensive Strategic Partnership over the next decade, Vision 2035 is being launched”.
This will serve as a roadmap for a strong, trusted, and ambitious partnership in the areas of technology, defence, climate, education, and people-to-people connectivity, PM Modi said.
“A Defence Industrial Roadmap has been developed to deepen our collaboration in defence and security. We will also work to further strengthen our Technology Security Initiative,” he said.
“It is our commitment that, from AI to Critical Minerals, Semiconductors to Cyber Security, we shall create the future together,” Mr Modi said.
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