PM Modi, Theresa May commit to reducing trade barriers

Prime Minister Narendra Modi and his British counterpart Theresa May on Wednesday committed to reducing trade barriers to facilitate easier business operations in both India and the United Kingdom (UK), thereby enabling a stronger bilateral trade relationship for the future.

According to a Downing Street spokesperson, the two Prime Ministers welcomed the GBP 1 billion worth commercial deals, which were inked earlier in the day, and also agreed to build on the recommendations of the UK-India Joint Trade Review.

Amid deepening of trade relations between the UK and India, Prime Minister Modi said that the UK's withdrawal from the European Union paved the way for trade opportunities for India. He further stated that the implementation period agreed in March gave Indian companies and investors the confidence that market access will continue on current terms until the end of 2020.

Prime Minister Modi further said that there would be no dilution in the importance of the UK to India post-Brexit, adding that the City of London was of great importance to India for accessing the global markets and would remain so.

Meanwhile, the British Prime Minister reiterated that the UK would remain committed to global free trade and investment, and a leading hub for global finance.

The two leaders also discussed the new UK-India Tech Partnership agreed earlier in the day, which would create thousands of jobs and generate significant investment in both economies.

Prime Minister Modi, who is on a five-day tour to three nations, landed at London's Heathrow airport on Tuesday, ahead of the 2018 Commonwealth Heads of Government Meeting on Thursday.

Prime Minister Modi will be honoured in a private audience with Queen Elizabeth at the Buckingham Palace, an event which has been organised previously for only three nations.

He is also scheduled to have an interaction with the Indian community, followed by a dinner hosted by Prime Minister May for the Commonwealth leaders.