India and the UK have reached a historic Free Trade Agreement. PM Modi has described it as beneficial for the youth, farmers, and MSMEs. Textiles, seafood, and engineering goods will get better access to the UK market.
PM Visit UK: During his visit to the UK, Prime Minister Narendra Modi and British Prime Minister Keir Starmer reached a historic Free Trade Agreement (FTA). This agreement is considered a step towards taking trade relations between the two countries to new heights.
Prime Minister Modi described this deal as beneficial for the youth, farmers, fishermen, and small businesses. Along with this, he also gave a clear and b message against extremism and terrorism from the global stage.
What is a Free Trade Agreement and Why is it Important?
A Free Trade Agreement is an arrangement between two countries to simplify and make trade duty-free. Under this agreement, both countries reduce or eliminate import-export duties on each other's products. Its objective is to promote trade, create employment opportunities, and provide affordable products to consumers.
With this agreement between India and the UK, Indian textiles, footwear, gems and jewelry, seafood, and engineering goods will get more market access in the UK. Along with this, the Indian agriculture and processed food industry will also get new opportunities.
New Doors Will Open for Indian Industries
PM Modi clarified that this Free Trade Agreement will directly benefit many industries in India, especially those sectors whose exports are directed towards the UK. Indian textiles, footwear, seafood, and machinery products will now be sold at lower tariffs in the UK market. This will increase the competitiveness of Indian companies and boost exports.
What Benefits Will India Get From the UK?
India will have access to medical devices, aerospace parts, high-quality educational tools, luxury products, and technology-related items from the UK at cheaper rates. This will strengthen India's healthcare, defense, and education sectors.
Through this agreement, not only will trade increase, but cooperation will also be fostered in technology transfer, innovation, and skill development. Indian youth may get better opportunities for study and work in the UK.
Emphasis on Vision 2035
Prime Minister Modi said in his address that both countries have started working together on 'Vision 2035' to give a new impetus to the partnership between India and the UK in the coming decade. Under this vision, a deep strategic partnership is planned in areas such as technology, defense, climate change, education, and public relations.
Terrorism from the Global Stage
In Britain, PM Modi also expressed concern about international security and stability. Referring to the terrorist attack in Pahalgam, he gave a b message against radical ideology. He said that there is no place for any double standards in the fight against terrorism.
He further said that radical forces should not be allowed to spread their ideology in the name of freedom of expression. All countries should respect sovereignty and territorial integrity. He also said that in today's era, there is a need for development, not expansionism.
