India-UK Sign Free Trade Agreement, PM Modi Says 'Historic Milestone'

New Delhi: Prime Minister Narendra Modi on Tuesday announced on micro-blogging website X that India and the United Kingdom have successfully concluded their Free Trade Agreement in a "historic milestone."

"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."

PM Modi also called the deal a landmark agreement and said that he is looking forward to welcoming the UK PM to India. "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 deal removes tariffs on a majority of goods and services in a move that could serve as a precursor to similar agreements between India and other nations including the US.

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The deal lowers tariffs on goods such as whisky, advanced manufacturing parts and food products such as lamb, salmon, chocolates and biscuits. It also agrees to quotas on both sides for autos imports.

Talks over a free trade deal between India and Britain were initially launched in January 2022.