Modi, Starmer Upbeat About Free Trade Deal
Indian Prime Minister Narendra Modi and British Prime Minister Keir Starmer have shown optimism that the India-UK Comprehensive Economic Trade Agreement (CETA) will substantially enhance trade, investment, and job creation in both nations, with both leaders anticipating its prompt approval.
A total of 64 Indian investors have committed to a combined investment of 1.3 billion pounds in some of Britain's most successful enterprises, generating approximately 7,000 employment opportunities. This demonstrates how the UK-India trade agreement is already influencing investor sentiment positively.
Also Read: Benu Gopal Bangur: A Revolutionary Who Carved a Niche in Cement Business
Major achievements from Starmer's two-day Indian visit include reestablishing the India-UK Joint Economic Trade Committee (JETCO) to support CETA implementation and reaching an agreement to pursue a government-to-government approach.
This approach aims to enable initial delivery of Lightweight Multirole Missile systems to enhance India's air defense capabilities.
Also Read: When Salsa Met Chutney: Bert Mueller's Pan-Indian Mexican Food Story
Additionally, both leaders agreed on joint funding for a Climate Technology Startup Fund targeting entrepreneurs in climate technology and artificial intelligence sectors, two agreements for establishing UK university campuses in India, and promoting collaboration in critical mineral supply chains, artificial intelligence development, connectivity, and innovation.
“When we leave India tonight, I expect that we will have secured major new investments creating thousands of high-skilled jobs in the sectors of the future,” Starmer said following the bilateral meeting with Modi.
Modi expressed hopes that the trade deal would help meet targets before time. “Today, our bilateral trade stands at around $56 billion. We have set a target to double this by 2030 — and I am confident that we can achieve it even before the deadline. India today offers policy stability, predictable regulation, and large-scale demand,” Modi said at the India-UK CEO Forum.
Also Read: Hiring Mastery: How to Get the Right Talent for Your Organization
According to the Ministry of External Affairs, the British Prime Minister's substantial business delegation of 126 members showcased investment possibilities across key sectors including construction, infrastructure and renewable energy, advanced manufacturing, defense, education, sports, culture, financial and professional services, science, technology and innovation, as well as consumer products and food industries.