Starmer has high hopes from the Free Trade Agreement, calls FTA a big win before meeting PM Narendra Modi

London: Britain’s Prime Minister Keir Starmer has said that the historic Free Trade Agreement with India’s Prime Minister Narendra Modi is a big win for Britain in terms of employment and economic development. This agreement will make clothes, shoes and food products cheaper because the tax (tariff) imposed on them will be reduced.

Who benefits how much from FTA?
In a statement issued before the bilateral talks with Prime Minister Modi at his official residence Chequers on Thursday, Starmer said that investment and trade deals worth about 6 billion pounds (about Rs 63,000 crore) have been agreed upon. This includes the expansion of Indian companies in Britain and British companies getting new opportunities in India.

The two leaders will also sign a new Comprehensive and Strategic Partnership, which will further strengthen cooperation on defense, education, climate, technology and innovation.

The agreement will create thousands of jobs
Starmer said, ‘This historic trade agreement with India is a big win for Britain. It will create thousands of new jobs, open up new opportunities for businesses and bring development to every corner of the country.’ He said that this will put more money in the pockets of hardworking British people and help in the cost of living.

Tariff will decrease, trade will increase
According to the UK Department of Business and Trade, the average tax of 15% on British products in India will be reduced to just 3%. It will be easier to send things like soft drinks, cosmetics, cars, medical equipment from Britain to India. The tariff on whiskey will come down from 150% to 75% first, then to 40% in 10 years. This will give a big benefit to British liquor manufacturers. India-UK total trade is expected to grow by 39%, reaching £25.5 billion by 2040.