India and the UK on Tuesday confirmed the completion of a “landmark” trade deal, which locks in reductions on 90 per cent of tariff lines and is expected to add 4.8 billion pounds annually to the British economy by 2040.

Prime Minister Narendra Modi and his British counterpart Keir Starmer are said to have had a “very warm” phone call to agree the Free Trade Agreement (FTA). “Today we have agreed a landmark deal with India, which will grow the economy and deliver for British people and business,” Starmer said in a statement.