New Delhi, Jul 25: Prime Minister Narendra Modi on Friday praised the historic India-UK Free Trade Agreement (FTA), describing it as a transformative step in the bilateral economic relationship.

Sharing a post by MyGovIndia on the social media platform X, PM Modi wrote: “An insightful thread, giving a glimpse of the transformative impact of India-UK CETA…”

The thread, titled “A People’s Deal Begins Now!”, highlights the wide-ranging benefits of the newly signed India-UK Comprehensive Economic and Trade Agreement (CETA). It describes the agreement as a “game-changing pact” that will open global doors for Indian farmers, MSMEs, youth, women entrepreneurs, and professionals.

Signed during PM Modi’s landmark visit to the United Kingdom, the FTA marks a pivotal moment in India-UK relations. The agreement is expected to boost bilateral trade by an estimated $34 billion annually.

As part of the deal, India will cut tariffs on 90 per cent of British products, while the UK will reduce duties on 99 per cent of Indian exports. This substantial easing of tariff lines and regulatory barriers across sectors aims to enhance market access and reduce costs for businesses on both sides.

UK Prime Minister Keir Starmer also celebrated the agreement, stating: “Our landmark trade deal with India is a major win for Britain. It will create thousands of British jobs across the UK, unlock new opportunities for businesses, and drive growth in every corner of the country.”

For Indian consumers, the deal will bring down prices on imported goods such as Scotch whisky, gin, luxury cars, cosmetics, and medical devices. Indian exporters, especially in textiles and leather, stand to gain from zero duties, improving their competitiveness against nations like Bangladesh and Cambodia.

The agreement also ensures Indian agricultural exports receive tariff parity with major European exporters, such as Germany, a move expected to significantly benefit Indian farmers.

As India and the UK deepen their strategic and economic ties, this FTA is being hailed as a "people-centric" pact poised to reshape trade relations and stimulate growth across sectors on both sides.

(IANS)

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