Prime Minister Keir Starmer welcomes his Indian counterpart Narendra Modi to Britain on Thursday where the pair will sign a recently announced UK-India trade deal, expected to boost the fashion and beauty industries, among others.
India and Britain’s trade deal is expected to create both business and employment opportunities – Reuters
Modi will also meet King Charles III during his brief stay in Britain, his fourth visit since becoming India’s leader in 2014.
Starmer and Modi announced in May they had struck a free trade agreement that the British government says will eventually add 4.8 billion pounds (6.5 billion dollars) a year to the UK economy.
“Our landmark trade deal with India is a major win for Britain,” Starmer said in a statement late Wednesday. Starmer’s year-old government is struggling to fire up an economy weakened by years of stagnant growth and high inflation.
The UK and India hope the accord will boost trade between the two countries by 25.5 billion pounds, as well as bolstering the British economy and wages.
Britain and India are the sixth and fifth largest global economies respectively, with a trade relationship worth around 41 billion pounds and investment supporting more than 600,000 jobs across both countries.
As he left India on Wednesday, Modi said the partnership had “achieved significant momentum in the last few years”.
“We will have the opportunity to further enhance our economic partnership, aimed at fostering prosperity, growth and jobs creation in both countries,” he added.
The accord will slash tariffs on imports of UK goods into India, including cosmetics. In return, the UK will cut tariffs on clothes, footwear and food products.
Starmer and Modi have met twice recently, at the G7 summit in Canada last month and at the G20 meeting in Brazil last year.
