India-UK Free Trade Agreement: Boosting MSMEs, Creating Jobs and Doubling Bilateral Trade by 2030

PM Modi also said that nine UK universities will open campuses in India. (File)

New Delhi:

Prime Minister Narendra Modi on Thursday expressed that the India-UK free trade agreement will strengthen MSMEs and generate employment opportunities, while also expressing confidence that the goal of doubling bilateral trade will be reached before the targeted year of 2030.

During a CEO forum attended by British Prime Minister Keir Starmer, PM Modi emphasized that the Comprehensive Economic and Trade Agreement (CETA) between India and the UK will provide stability during a period of global uncertainty.

"Currently, India-UK bilateral trade stands at USD 56 billion. I am confident that we will achieve our target of doubling this figure ahead of the 2030 deadline," PM Modi stated.

PM Modi further announced that nine universities from the UK will establish campuses in India.

In his address, Keir Starmer requested business leaders from both nations to identify obstacles that their governments could remove to help them capitalize on available opportunities.

"We aim to support you in maximizing the potential related to this trade agreement," Keir Starmer remarked, noting that there has been a 6 billion pound increase in trade and investment during the three months following the CETA signing in July.

The British Prime Minister arrived in Mumbai on Wednesday morning for a two-day visit, accompanied by a delegation comprising 125 of the UK's leading business executives, entrepreneurs, and education professionals.

Keir Starmer's India visit came approximately two and a half months after both countries signed a landmark free trade agreement designed to enhance market access, reduce tariffs, and potentially double bilateral trade by 2030.

The trade deal was finalized during PM Modi's visit to London in July.