UK, India Sign £25.5B Trade Deal Boosting Two-Way Trade and Investment
UK Prime Minister Keir Starmer concluded his visit to India with a significant trade deal, worth up to £25.5 billion by 2040. The agreement, signed with Indian Prime Minister Narendra Modi in Mumbai, aims to boost two-way trade and investment between the two nations.
The deal, hailed by both leaders, will see tariffs slashed on a range of goods including textiles, whisky, and cars. It also paves the way for increased cooperation in key areas such as technology, education, artificial intelligence, defence, and clean energy.
Starmer's visit saw over £1.3 billion in new Indian investments unveiled in the UK. This includes a £350 million contract for Britain to supply the Indian army with Lightweight Multirole Missiles, manufactured in Northern Ireland. This deal, signed in October 2021 by Lockheed Martin, is a testament to the growing defence ties between the two countries.
Starmer and Modi also participated in a financial technology conference, reflecting the growing importance of this sector in bilateral relations. Starmer's visit was accompanied by the largest-ever British business delegation to India, with over a hundred leaders from various sectors.
The new trade deal and increased investments mark a significant step in strengthening the UK-India partnership. Both countries look forward to enhanced cooperation in various sectors, with the potential to create jobs and stimulate economic growth on both sides.
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