PM Modi Likely To Visit UK This Month, India-UK Trade Deal Signing On Cards
PM Narendra Modi is likely to travel to the United Kingdom by the end of this month for a visit that could see both sides formally ink the landmark India-UK free trade deal and explore ways to expand bilateral ties in the defence and security sphere.
- Date & Time:
- |
- Views: 32
- |
- From: India News Bull
India and the UK completed their free trade agreement negotiations in May.
New Delhi:
According to diplomatic sources on Tuesday, Prime Minister Narendra Modi is expected to travel to the United Kingdom later this month for a visit that may include the formal signing of the landmark India-UK free trade agreement and discussions on expanding bilateral cooperation in defense and security sectors.
Both nations are currently working to finalize the dates for PM Modi's UK visit, scheduled for either late July or early August, the sources indicated.
While there were earlier suggestions that British PM Keir Starmer would visit India first, it is understood that the British prime minister may now schedule his India visit for later this year.
Sources reveal that India and the UK are planning to officially sign the free trade agreement during PM Modi's London visit.
In May, both countries concluded the free trade agreement negotiations, which is expected to exempt 99 percent of Indian exports from tariffs and facilitate British companies' exports of products like whisky and automobiles to India, while enhancing overall trade relations.
Alongside the Free Trade Agreement—the UK's largest since departing from the European Union—the two nations also finalized a double contribution convention.
PM Modi characterized these agreements as a "historic milestone" that would stimulate trade, investment, growth, and employment in both economies while further strengthening the India-UK comprehensive strategic partnership.
According to officials, the trade deal, which was completed after three years of negotiations, aims to provide comprehensive market access for Indian goods across all sectors. India stands to benefit from tariff elimination on approximately 99 percent of tariff lines (product categories), covering almost the entire value of trade.
A statement from the British side indicated that Indian tariffs would be reduced substantially, with reductions locked in on 90 percent of tariff lines, and 85 percent of these becoming completely tariff-free within ten years.
In the 2023-24 fiscal year, India maintained its position as the UK's second-largest investment source in terms of project numbers for the fifth consecutive year.
During his UK visit, PM Modi is also expected to explore avenues for expanding defense and security cooperation with the British leadership.
The two sides may additionally discuss implementation strategies for the Technology Security Initiative (TSI).
Last July, India and the UK established the Technology Security Initiative, outlining a bold collaborative approach across priority sectors including telecommunications, critical minerals, semiconductors, and artificial intelligence, with the broader objective of elevating their strategic partnership.
The TSI would also provide a framework for developing a comprehensive UK-India semiconductor partnership to leverage each country's strengths and incentives while exploring mutually beneficial research and development opportunities and supply chain resilience measures.
It also aims to build upon the ambitious cooperation agenda outlined in the India-UK Roadmap 2030.
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)