UK PM Keir Starmer thanks PM Modi for ambitious India-UK trade deal, says FTA will boost GDP

UK Prime Minister Keir Starmer on Thursday praised the trade deal with India, expressing gratitude to Prime Minister Narendra Modi for the partnership and calling it a major win for both countries.

“It is the most ambitious trade deal India has ever done, so I want to thank Prime Minister Modi for this partnership. This is a huge win for both nations," Starmer said at the Global Fintech Fest at Jio World Centre in Mumbai, on Thursday.

‘India-UK FTA will boost GDP'

Speaking on the trade deal's impact, Starmer said, “India-UK FTA will boost the GDP of both countries.”

Starmer emphasised the need for a “hands-on approach” in executing trade and investment agreements between the UK and India. He highlighted that his government intends to collaborate closely with industry leaders to achieve results from the Free Trade Agreement (FTA) and other bilateral partnerships.

The UK PM highlighted the importance for governments to go beyond simply signing trade agreements and to take an active role in helping businesses reach their full potential, while addressing a high-profile business forum attended by PM Modi and top CEOs from both countries.

"Too often in the past, governments have negotiated trade deals and then left them on the table, saying, 'Well, it's now over to you.' I think we've got to do things differently," Starmer said.

"Governments have to provide more follow-through support, making sure the connections are in the right place. We want to be on the pitch with you not just building the stadium and walking away," he said.

What did Starmer say about India-UK ties?

Emphasising the India-UK ties, Starmer stated that India is one of the world's largest and fastest-growing economies, a nation whose vibrancy and promise is “clear”. “And when this all comes together with the UK's talent and creativity, with our institutions and entrepreneurs, it is an incredible combination,” he said.

Starmer further went on to highlight that the UK and India are natural partners in fintech."I want the UK to be the number 1 choice for investment in finance & fintech," he said.

(With inputs from agencies.)