New Delhi, May 6: India and the United Kingdom on Tuesday successfully concluded a landmark Free Trade Agreement (FTA), along with a Double Taxation Avoidance Convention.

Prime Minister Narendra Modi made the announcement about the successful FTA deal. Describing the FTA deal as ambitious and mutually beneficial, PM Modi emphasised that these agreements will significantly strengthen the India-UK Comprehensive Strategic Partnership and boost trade, investment, innovation, and job creation across both economies.

Sharing a post on X, PM Modi said, "Delighted to speak with my friend PM @Keir_Starmer. In a historic milestone, India and the UK have successfully concluded an ambitious and mutually beneficial Free Trade Agreement, along with a Double Contribution Convention."

The post added, "These landmark agreements will further deepen our Comprehensive Strategic Partnership, and catalyse trade, investment, growth, job creation, and innovation in both our economies. I look forward to welcoming PM Starmer to India soon."

The Prime Minister's Office in a statement said, "Shri Narendra Modi and Prime Minister of the United Kingdom Sir Keir Starmer had a telephone conversation today. The two leaders welcomed the successful conclusion of an ambitious and mutually beneficial India-UK Free Trade Agreement along with the Double Contribution Convention."

"The Leaders described it a historic milestone in the bilateral Comprehensive Strategic Partnership that would foster trade, investment, innovation and job creation in both the economies. Both agreed that the landmark agreements between the two big and open market economies of the world will open new opportunities for businesses, strengthen economic linkages, and deepen people-to-people ties," the statement added.

PM Starmer said that strengthening alliances and reducing trade barriers with economies around the world is part of their Plan for Change to deliver a stronger and more secure economy.

The two leaders agreed that expanding economic and commercial ties between India and the UK remain a cornerstone of the increasingly robust and multifaceted partnership. The conclusion of a balanced, equitable and ambitious FTA, covering trade in goods and services, is expected to significantly enhance bilateral trade, generate new avenues for employment, raise living standards, and improve the overall well-being of citizens in both countries. It will also unlock new potential for the two nations to jointly develop products and services for global markets. This agreement cements the strong foundations of the India-UK Comprehensive Strategic Partnership, and paves the way for a new era of collaboration and prosperity.

Prime Minister Modi invited Prime Minister Starmer to visit India. The leaders agreed to remain in touch. (ANI)

Argus News | argus news | Odisha Latest News, Breaking News, Trending News, Live TV