Indian Prime Minister Narendra Modi and British counterpart Keir Starmer hailed their new trade deal as potentially transforming commercial links, as London unveiled new Indian investment that would be a ‘launch pad’ for closer ties.
Starmer is in the financial capital of Mumbai on a two-day visit to India, joined by more than 100 leaders from Britain’s business, culture and university sectors, as he rushes to harvest the trade deal signed in July.
The deal envisages cuts in tariffs on goods from textiles to cars, and allows more market access for businesses in the world’s fifth- and sixth-largest economies, aiming to boost trade by a further $34 billion by 2040.
“This relationship matters more than ever,” Starmer told reporters at a Press conference before he flew home. “We’re opening up new opportunities in India for British businesses, opportunities that other countries simply do not have. It has given us a unique edge.”
Earlier, Modi told a business forum he was confident that the two countries would double their trade from the current $56bn ahead of their 2030 target to do so.
Starmer’s visit, accompanied by the largest-ever business delegation, “reflects the new energy and broad vision” in the partnership, Modi said after talks with the British premier.
“India’s dynamism and the UK’s expertise together create a unique synergy,” Modi said, speaking in Hindi.
Starmer said the focus of his visit was about doubling down on the potential of the trade deal, which is expected to take effect within a year.
“This is just the start,” Starmer later told a fintech conference. “It’s time to invest in the United Kingdom, invest in this relationship and invest in our shared future.”
An Indian foreign ministry statement said the two sides agreed to set up a connectivity and innovation centre and a joint centre for AI, and unveiled a critical minerals industry guild to bolster supply chains and promote green technologies.
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