'Exciting chapter' of partnership, says UKIBC as India-UK seal free trade deal

New Delhi, May 5 (PTI) The UK India Business Council (UKIBC) on Tuesday welcomed the sealing of a landmark trade deal between the United Kingdom and India, and termed it an "exciting chapter" of the bilateral partnership.

UKIBC is a policy advocacy and strategic consulting not-for-profit, with a mission to grow the UK-India trade and investment.

When signed, the deal will boost economic and strategic partnership between the two countries, the UKIBC said.

India and the UK on Tuesday sealed a landmark free trade deal along with a double contribution convention with Prime Minister Narendra Modi saying that the "historic milestone" will catalyse trade, investment, growth and job creation in both economies.

Announced after a phone conversation between Prime Minister Narendra Modi and his British counterpart Keir Starmer, the trade deal is the biggest the UK has done since leaving the EU.

In a statement, the UKIBC welcomed the development and said, "The landmark trade deal, when signed, will represent a major step forward in strengthening the economic and strategic partnership between the UK and India." British Business and Trade Secretary Jonathan Reynolds and Union Commerce Minister Piyush Goyal held final talks in London last week after relaunching negotiations only two months ago, it said.

The agreement promises to reduce barriers to trade and investment, promote sustainability and innovation, and encourage closer cooperation across industries including technology, manufacturing, services, education and healthcare, the statement said.

"It reflects the deep trust, shared values, and mutual ambition that define the UK-India relationship. This agreement will unlock new opportunities for businesses across both countries, drive economic growth, create jobs, and support innovation and collaboration across sectors," Richard Heald, Chair, UK India Business Council, was quoted as saying in the statement.

As India charges ahead towards becoming 'Viksit Bharat' by 2047, UKIBC and more broadly, British businesses recognise that a "successful agreement is a critical milestone in a longer-term journey and are keen to support India's ambitions," it said.

The UKIBC said it looks forward to continuing its role as a bridge between the UK and Indian businesses, helping them to maximise the opportunities presented by this agreement, and contributing to the broader UK-India 2030 Roadmap. PTI KND KSS KSS

Source: PTI