MUMBAI: Indian Prime Minister Narendra Modi and British counterpart Keir Starmer have pledged to inject new energy into bilateral relations during Starmer’s first official visit to India.
Modi highlighted the significant progress in India-UK relations while addressing his friend Starmer during their Mumbai meeting.
The leaders committed to unlocking unparalleled economic opportunities through their recently signed trade agreement.
Starmer arrived with a 125-member delegation following the July trade deal signing in London.
Under this agreement, India will significantly reduce tariffs on British whisky, cosmetics, and medical device imports.
Britain will correspondingly lower duties on Indian clothing, footwear, and food products including frozen prawns.
Modi emphasised that this agreement will reduce import costs between both nations while creating new employment opportunities for youth.
The Indian prime minister stated this trade boost will benefit both countries’ industries and consumers.
He described Starmer’s visit as symbolising the new energy in bilateral ties between the two nations.
Modi expressed confidence that together they would build a bright future for both countries’ populations.
Current bilateral trade between India and Britain stands at approximately $54.8 billion annually.
These trade and investment relationships support more than 600,000 jobs across both economies.
India surpassed Britain to become the world’s fifth-largest economy in 2022 according to International Monetary Fund data.
Economic projections indicate India will overtake Japan as the fourth largest economy later this year.
Starmer acknowledged India’s remarkable growth story and its ambition to become the world’s third largest economy by 2028.
The British prime minister expressed confidence that India remains on track to achieve this economic milestone.
Starmer confirmed Britain’s desire to partner with India throughout this economic journey.
Before his Thursday return to London, Starmer anticipated securing major new investments creating thousands of high-skilled jobs.
The British leader described his visit as focusing on maximising the trade deal’s potential for mutual benefit.
Both leaders announced a new defence cooperation agreement strengthening security partnerships.
They also committed to enhancing education ties including support for nine British universities establishing Indian campuses. – AFP