MUMBAI (Reuters) -Indian Prime Minister Narendra Modi and British counterpart Keir Starmer hailed the potential on Thursday, October 9, of their months-old trade deal to transform commercial links, as London unveiled further Indian investment in Britain.
Starmer is in the financial capital of Mumbai on a two-day visit to India, joined by more than 100 leaders from Britain’s business, culture and university sectors, as he rushes to harvest the trade deal signed in July.
The deal agreed to cut tariffs on goods from textiles to whisky and cars, and allow more market access for businesses in the world’s fifth- and sixth-largest economies, aiming to boost two-way trade by a further 25.5 billion pounds ($34 billion) by 2040.
MODI HAILS INDIAN DYNAMISM, UK EXPERTISE
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Starmer’s visit, accompanied by the largest-ever business delegation, “reflects the new energy and broad vision” in the partnership, Modi said after talks with the British prime minister.
“India’s dynamism and the UK’s expertise together create a unique synergy,” Modi said, speaking in Hindi.
“Our partnership is built on trust … it is a clear reaffirmation of our shared commitment to … build a brighter future for the people of both our nations.”
Starmer said the focus of his visit was about doubling down on the potential of the trade deal, expected to take effect within a year.
“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.”
An Indian foreign ministry statement said the two sides agreed to set up an India-UK connectivity and innovation centre and a joint centre for AI, and unveiled a critical minerals industry guild to bolster supply chains and promote green technologies.
They also announced joint investment in a climate technology startup fund and set up new collaborations on health and renewable energy, an offshore wind task force, and a health research partnership, among other things, it said.