London, July 24: Terming the signing of the Free Trade Agreement (FTA) between India and the UK as "historic", Prime Minister Narendra Modi on Thursday said that the pact is not just economic partnership but also a blueprint for shared prosperity. He stated that India and the UK have also reached a consensus on double contribution convention.

Making a press statement alongside his UK counterpart Keir Starmer, PM Modi said, "Today is a historic day in our relations. I am happy that after many years of hard work, the Comprehensive Economic and Trade Agreement has been concluded between the two countries. This Agreement does not merely pave way for economic partnership but is also a blueprint for our shared prosperity." India-UK Free Trade Agreement: Biggest, Most Economically Significant Trade Deal UK Has Made Since Leaving EU, Says British PM Keir Starmer on FTA.

PM Modi Speaks on India-UK Free Trade Agreement

"Indian textile, footwear, gems and jewellery, seafood and engineering goods will get better market access in the UK. New opportunities will emerge in the UK market for India's agricultural produce and processed food industry. This agreement will especially benefit Indian youth, farmers, fishermen and MSME sector. On the other hand, people and the industries in India will be able to access products made in the UK such as medical devices, aerospace parts at affordable and reasonable prices," he added.

Earlier in the day, PM Modi and his British counterpart Starmer signed the much-awaited FTA, which will boost annual bilateral trade by about USD 34 billion. PM Modi thanked Starmer for the warm welcome in the UK and invited him to visit India. He said that the agreements reached between India and the UK will provide support to global stability and prosperity. India-UK FTA Signed: PM Narendra Modi and His British Counterpart Keir Starmer Sign Free Trade Agreement To Boost Annual Trade by USD 34 Billion (See Pics).

"Prime Minister, once again, I express my gratitude for your warm hospitality. I also extend an invitation for you to visit India and hope that we will have the opportunity to welcome you in India soon," he said. PM Modi also announced the launch of India-UK Vision 2035. He said, "Vision 2035 is a roadmap that will form the basis of a strong, ambitious partnership in the fields of technology, defence, climate, education, and people-to-people connect."

He said, "Along with this agreement, we have also reached a consensus on the double contribution convention. This will inject new energy into the service sectors of both countries, especially in technology and finance. It will promote ease of doing business, reduce the cost of doing business, and increase confidence in doing business. Additionally, UK's economy would benefit from India's skilled talent. These agreements will enhance investments and generate new employment opportunities in both countries. Moreover, as agreements reached between two democracies and two of the world's major economies, they will lend support to global stability and global prosperity."

Stressing that India and UK will continue to strengthen technology security initiative, PM Modi said, "Defence industrial roadmap has also been drawn up for partnership in defence and security. Work will continue on strengthening our technology security initiative. It is our commitment that from AI to critical minerals, from semi-conductors to cybersecurity, we shall create the future together."

Speaking about the cooperation between two nations in the education sector, PM Modi announced that six universities of the UK will open campuses in India and recalled the inauguration of South Hampton University campus in Gurugram last week.

Highlighting the role of Indian diaspora in strengthening India's ties with the UK, he said, "People of Indian origin who live in the UK act as a living bridge in our relations. They did not just bring curry from India, but also creativity, commitment and character. Their immense contributions are not just limited to UK's prosperous economy but are also reflected in the culture, sports and public service of the UK." He also mentioned how cricket is passion for both nations and expressed India's commitment to building a high scoring solid partnership with the UK.

"When India and the UK meet — and that too during a Test series — it is only natural to mention cricket. For both of us, cricket is not just a game, but a passion, and also a great metaphor for our partnership. There maybe a swing and a miss at times but we always play with a straight bat. We are committed to building a high scoring solid partnership. The agreements concluded today and Vision 2035 are milestones which advance this very spirit," he said.

Offering condolences to the families of the victims of the Air India plane crash in Ahmedabad, he said, "Among the people who died in the accident in Ahmedabad last month, there were several sisters and brothers from the UK. We express our condolences to the families."

(The above story first appeared on LatestLY on Jul 24, 2025 06:23 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).