India-UK FTA will add new chapter in growth, development of both countries: PM Modi

New Delhi [India], May 6 (ANI): Prime Minister Narendra Modi on Tuesday said that the landmark Free Trade Agreement (FTA) between India and the United Kingdom, centered on mutual trade and economic cooperation between two of the world's largest powers and open market economies, marks the beginning of a new chapter in the growth and development of both countries.

Speaking at the ABP Network India@2047 Summit, the Prime Minister referred to his conversation with his UK counterpart Sir Keir Starmer concerning FTA and said two of the world's biggest open markets have come together.

"I am glad to inform you that India-UK trade union has been finalised. The two world's biggest open markets have come together, which will add to their histories..This will also open new opportunities for the MSMEs sector," PM Modi said. 

 "Today is a historic day for India. I spoke to the British Prime Minister a while ago... I am happy to inform you that the India-UK free trade agreement has now been finalised. This agreement on mutual trade and economic cooperation between the two largest and open-market economies of the world will add a new chapter in the development of both countries," he added. 

India and the UK have successfully concluded an ambitious and mutually beneficial Free Trade Agreement (FTA), along with a Double Contribution Convention in a historic deal that will open up massive export opportunities for many labour-intensive sectors in India.

The conclusion of the FTA was announced by Prime Minister Narendra Modi and his UK counterpart Sir Keir Starmer.

The Commerce and Industry Ministry said in release that the "historic and ambitious deal" will boost jobs, exports and national growth.

It said that 99 per cent Indian exports will benefit from zero duty and the agreement will provide a significant boost to trade in services, such as IT/ITeS, financial services, professional services, other business services and educational services.

The Commerce Ministry said that the forward-looking Agreement is aligned with India's vision of Viksit Bharat 2047 and complements the growth aspirations of both the countries.

In his speech, PM Modi also said the dream of changing India is Viksit Bharat till 2047 and India has capability, resources and willpower to achieve it.  

"The presence of such a large number of youth and women in this summit is unique in itself.  This is a reflection of the changing India, which is raising its voice in every field. The biggest dream of this changing India is - a Developed India by 2047 (Viksit Bharat).  The country has capability, the country has resources, and the country also has willpower,” he added. (ANI)