PM Modi meets Keir Starmer during his two-day UK visit
PM Modi had arrived in London on Wednesday for his two-day visit to the UK. This is the fourth visit of the Prime Minister to the UK.
Prime Minister Narendra Modi on Thursday met his United Kingdom (UK) counterpart Keir Starmer at Chequers Estate, which is the official country residence of the British Prime Minister and is located 50 km northwest of London.
PM Modi had arrived in London on Wednesday for his two-day visit to the UK. This is the fourth visit of the Prime Minister to the UK.
"Landed in London. This visit will go a long way in advancing the economic partnership between our nations," PM Modi posted on 'X' (formerly known as Twitter) upon his arrival in London. "The focus will be on furthering prosperity, growth and boosting job creation for our people. A strong India-UK friendship is essential for global progress."
India, UK sign FTA
During PM Modi's meet with Keir Starmer, India and the UK signed the historic free trade agreement (FTA), following three years of negotiations. The two countries had sealed the FTA in May this year, and it is expected to benefit 99 per cent Indian exports from tariffs. Besides, it will also make it easier for the British firms to export cars, whiskey and other products to India.
UK PM Keir Starmer had hailed the FTA earlier, calling it a "landmark deal".
"A landmark deal with India means jobs, investment and growth here in the UK. It creates thousands of British jobs, unlocks new opportunities for businesses and puts money in the pockets of working people. That’s our Plan for Change in action," he posted on 'X' earlier in the day.
Why is the FTA important?
The trade deal is expected to ensure comprehensive market access for Indian goods across all sectors, and India will gain from tariff elimination on about 99 per cent of tariff lines (product categories) covering almost 100 per cent of the trade values, according to officials.
Along with the FTA -- the biggest the UK has done since leaving the European Union -- the two sides also sealed a double contribution convention. It provides for the exemption for employers of Indian workers from paying social security contributions in the UK.
(With inputs from PTI)
Also Read - India-UK FTA: Big boost for leather and pharma sectors as trade deal opens new doors for key industries
Also Read - PM Modi lands in London for key talks with Keir Starmer, landmark Free Trade Agreement to be signed today