Opportunities waiting to be seized under India-UK FTA unparalleled: Keir Starmer

The opportunities waiting to be seized under the IndiaUK free trade agreement are unparalleled British Prime Minister Keir Starmer said on Wednesday as he kickstarted his first visit to India after assuming the charge of the top office reported news agency PTIStarmer said the trade deal is a launchpad to expand bilateral trade and economic growth with India which is set to be the third biggest global economy by 2028The British leader accompanied by a delegation of 125 of the UKs most prominent business leaders entrepreneurs university vice chancellors landed in Mumbai this morning on a twoday visitStarmer and Prime Minister Narendra Modi will hold wideranging talks on Thursday to explore ways to further expand the bilateral tiesWe signed a major trade deal with India in July the best secured by any country but the story doesnt stop there the British prime minister said reported PTIIts not just a piece of paper its a launchpad for growth With India set to be the third biggest economy in the world by 2028 and trade with them about to become quicker and cheaper the opportunities waiting to be seized are unparalleled he said reported PTIStarmer said growth in India means more choice stability and jobs at home for the British peopleThe British prime ministers visit to India came twoandhalf months after the two countries inked the landmark free trade pact that will increase market access cut tariffs and double bilateral trade by 2030The landmark trade deal was firmed up during PM Modis visit to London in JulyA British readout on Starmers India trip said it seeks to build on the momentum from the UKIndia trade deal as it will open up access for British businesses to one of the fastestgrowing economies in the worldFollowing the signature of the landmark UKIndia trade deal in July which will lower tariffs on British goods being imported into India the door is now open for British businesses to turbocharge their trade with one of the fastest growing economies in the world it saidTop executives of major companies such as Rolls Royce British Telecom Diageo London Stock Exchange and British Airways are part of Starmers delegationWeve shown there is no limit on our ambition to grow trade with India in less than a year weve gone from restarting talks on a deal to bringing 125 brilliant business leaders to its commercial capital Peter Kyle the UKs Business and Trade Secretary said reported PTIOur deal is the best any country has ever secured with India and places British businesses at the front of the queue to access a huge and evergrowing market Now we are hitting the ground running and using every means necessary to ready businesses to take full advantage of the massive wins weve secured once the deal comes into force so we can deliver growth jobs and prosperity at home he added reported PTIIndias average tariff on British products will drop from 15 per cent to three per cent which means British companies selling products to India from soft drinks and cosmetics to cars and medical devices will find it easier to sell to the Indian market according to the readoutIt said whisky producers will particularly benefit from tariffs being reduced immediately from 150 per cent to 75 per cent and then dropped even further to 40 per cent over the next 10 years that will give the UK an advantage over international competitorsWith inputs from PTI