'Plan for shared prosperity': PM Modi hails historic FTA with Britain

PM Modi said that the Free Trade Agreement (FTA) with the UK will especially benefit Indian youth, farmers, fishermen and MSME sector

India and the United Kingdom on Thursday signed a historic Free Trade Agreement (FTA), with Prime Minister Narendra Modi describing it as a plan for “shared prosperity”. His British counterpart, Prime Minister Keir Starmer, called it the “biggest and economically most significant trade deal” the UK has signed since leaving the European Union.

 

The agreement, finalised after three years of negotiations, is expected to increase bilateral trade by $34 billion annually. It will allow 99 per cent of Indian exports tariff-free access and make it easier for British products such as whisky, cars and medical devices to enter the Indian market at reduced costs.

 Jointly addressing the press with Starmer after signing the FTA, PM Modi said he was delighted that the deal was finalised after several years of hard work.

 

Here's what PM Modi said in his address

 

1. I am delighted that after the hard work of several years, today our two nations have signed the Comprehensive Economic and Trade Agreement.

 

2. This agreement is not just an economic agreement but also the plan for a shared prosperity. On one side, Indian textile, footwear, gems and jewellery, seafood and engineering goods will get better market access in the UK. New opportunities will emerge in the UK market for India's agricultural produce and processed food industry. 

 

3. This agreement will especially benefit Indian youth, farmers, fishermen and MSME sector. On the other hand, for the people of India and industry, products made in UK like medical devices will be available at reasonable and affordable prices."

 

4. To give new momentum and energy to our comprehensive strategic partnership in the next decade, today we will also discuss Vision 2035. It will be a roadmap for a strong, reliable, and ambitious partnership in the fields of technology, defence, climate, education, and people-to-people connections.

 

5. We express our gratitude to Prime Minister Starmer and his government for the strong condemnation of the terrorist attack in Pahalgam. We are united in our view that there is no place for double standards in the fight against terrorism. We also agree that forces with extremist ideologies cannot be allowed to misuse Democratic Freedoms.

 

6. We have continued to share views on peace and stability in the Indo-Pacific, the ongoing conflict in Ukraine, and the situation in West Asia. Respect for the sovereignty and territorial integrity of all countries is essential. The demand of today’s era is not expansionism, but developmentalism.

 

7. Last month, several UK citizens were among those killed in the plane crash in Ahmedabad. We express our condolences to their families.

 

8. For both of us, cricket is not just a game, but a passion. And also, a great metaphor for our partnership. There may be a swing and a miss at times, but we always play with a straight bat. We are committed to building a high scoring solid partnership.