British PM Keir Starmer wants the Free Trade Agreement (FTA) agreement between India and UK to be implemented as soon as “humanly possible.”
Speaking with delegates in Mumbai, Starmer described the deal as a major opening for both countries saying that it provides huge opportunities.
The PM also mentioned that he had instructed his team to ensure the deal is implemented “as quickly as humanly possible” adding that the agreement represents Britain’s largest post-Brexit trade achievement so far.
“I think the opportunities are already opening up... Our job is to make it easier for you to seize the opportunities,” he told business leaders, as cited by Reuters.
‘Story does not stop there’
Starmer also called the FTA a “launchpad” for future economic cooperation.
“We signed a major trade deal with India in July—the best secured by any country—but the story doesn’t stop there,” he said.
“It’s not just a piece of paper, it’s a launchpad for growth. With India set to be the third biggest economy in the world by 2028, and trade with them about to become quicker and cheaper, the opportunities waiting to be seized are unparalleled,” PTI quoted the British PM.
He added that India’s economic expansion would also benefit the UK. “Growth in India means more choice, stability and jobs at home for the British people,” he said.
India-UK FTA
The India-UK FTA was signed during Prime Minister Narendra Modi ’s visit to London, earlier in July.
It aims to reduce tariffs on products such as textiles, cars, and Scotch whisky, and open wider access to both markets.
Under the deal, India’s average tariffs on British goods will drop from 15% to 3%, helping UK companies sell items like cosmetics, cars, soft drinks, and medical devices more easily in India.
The biggest boost is expected for whisky producers, with duties falling from 150% to 75% immediately, and then to 40% over the next ten years. This reduction is likely to give British whisky brands a stronger position internationally.
Agreement conclusion
The agreement was concluded in May after three years of on-and-off discussions, which sped up because of growing global trade tensions due to US tariffs, Reuters reported. Economists say the pact between the world’s fifth- and sixth-largest economies could increase trade by about £25.5 billion ($34 billion) by 2040. UK officials have described this figure as a starting point, with potential for much more growth.
UK PM visits India
Starmer arrived in India on Tuesday with a high-level delegation of more than 125 business, cultural, and academic leaders, including senior figures from Rolls-Royce, British Telecom, Diageo, London Stock Exchange, and British Airways to ensure that they make the most of the landmark trade deal, PTI reported.
He will be meeting PM Modi on Thursday as part of his visit. He also visited the Yash Raj Studios after meeting the delegates.
Speaking with delegates in Mumbai, Starmer described the deal as a major opening for both countries saying that it provides huge opportunities.
The PM also mentioned that he had instructed his team to ensure the deal is implemented “as quickly as humanly possible” adding that the agreement represents Britain’s largest post-Brexit trade achievement so far.
“I think the opportunities are already opening up... Our job is to make it easier for you to seize the opportunities,” he told business leaders, as cited by Reuters.
‘Story does not stop there’
Starmer also called the FTA a “launchpad” for future economic cooperation.
“We signed a major trade deal with India in July—the best secured by any country—but the story doesn’t stop there,” he said.
“It’s not just a piece of paper, it’s a launchpad for growth. With India set to be the third biggest economy in the world by 2028, and trade with them about to become quicker and cheaper, the opportunities waiting to be seized are unparalleled,” PTI quoted the British PM.
He added that India’s economic expansion would also benefit the UK. “Growth in India means more choice, stability and jobs at home for the British people,” he said.
India-UK FTA
The India-UK FTA was signed during Prime Minister Narendra Modi ’s visit to London, earlier in July.
It aims to reduce tariffs on products such as textiles, cars, and Scotch whisky, and open wider access to both markets.
Under the deal, India’s average tariffs on British goods will drop from 15% to 3%, helping UK companies sell items like cosmetics, cars, soft drinks, and medical devices more easily in India.
The biggest boost is expected for whisky producers, with duties falling from 150% to 75% immediately, and then to 40% over the next ten years. This reduction is likely to give British whisky brands a stronger position internationally.
Agreement conclusion
The agreement was concluded in May after three years of on-and-off discussions, which sped up because of growing global trade tensions due to US tariffs, Reuters reported. Economists say the pact between the world’s fifth- and sixth-largest economies could increase trade by about £25.5 billion ($34 billion) by 2040. UK officials have described this figure as a starting point, with potential for much more growth.
UK PM visits India
Starmer arrived in India on Tuesday with a high-level delegation of more than 125 business, cultural, and academic leaders, including senior figures from Rolls-Royce, British Telecom, Diageo, London Stock Exchange, and British Airways to ensure that they make the most of the landmark trade deal, PTI reported.
He will be meeting PM Modi on Thursday as part of his visit. He also visited the Yash Raj Studios after meeting the delegates.
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