UK’s Starmer meets Modi, aims for trade deal Sunak couldn’t secure.
UK PM Keir Starmer says a new trade deal with India will boost jobs and prosperity.
After meeting with Narendra Modi at the G20 summit in Brazil, British Prime Minister Keir Starmer indicated Monday that his government would reopen trade discussions with India.
“A robust domestic economy requires increased trade overseas. The UK aims to negotiate a trade pact with India, a rapidly rising economy, according to a statement from his office.
It said the UK will seek a new strategic partnership with India, including a trade pact, and enhance collaboration in security, education, technology, and climate change.
Starmer claimed a new India trade deal will boost UK jobs and economy.
“Boosting economic growth is vital to improving living standards for working people,” Starmer said following the bilateral meeting, according to 10, Downing Street. “A new trade deal with India will promote employment and prosperity in the UK and forward our objective to deliver growth and opportunity across our country.”
PM Modi’s office stated both leaders stressed the significance of beginning FTA negotiations shortly.
They also believed the negotiating teams could resolve the remaining difficulties and reach a balanced, mutually beneficial, and forward-looking Free Trade Agreement.
After meeting Starmer for the first time as PM, Modi called the meeting “very constructive”.
The Comprehensive Strategic Partnership with the UK is crucial to India. In the future, we want to collaborate in technology, green energy, security, innovation, and technology “Modi wrote on X.
India-UK FTA talks
Political elections in India and the UK halted negotiations between the two nations after 14 rounds over two years in May. Modi and ex-UK PM Rishi Sunak’s close friendship was the best chance of reaching a deal, but it failed.
Close to both negotiating teams told Bloomberg there were still difficulties in goods, services, and investment areas before discussions paused, suggesting Starmer will have his work cut out finding agreement.
Even though Starmer took office in July, he has claimed economic growth is his top priority. That goal includes a trade pact with India and closer economic relations with China.
Britain exported 40% of India’s £42 billion trade in the year to June 2024, Downing Street said.
In January 2022, India-UK Free Trade Agreement (FTA) negotiations began to improve economic links by circumventing high tariff barriers to India’s big and rising market. Goods, services, investments, and IP rights are covered in 26 chapters.
