Summary
British Prime Minister Keir Starmer and Indian Prime Minister Narendra Modi announced a new trade deal between the UK and India. The agreement aims to lower tariffs on various products and increase trade by billions over the next two decades. The deal has already resulted in significant increases in trade and investment between the two countries.
Key Facts
- The UK and India signed a trade agreement in July to reduce tariffs on goods like textiles, whisky, cars, and spices.
- The goal is to boost trade by £25.5 billion ($34 billion) by 2040.
- In the first three months after the deal, there was a £6 billion increase in trade and investment between the two countries.
- A UK delegation of over 100 leaders visited India to promote the trade deal.
- The deal includes setting up a connectivity and innovation center and a joint center for AI.
- 64 Indian companies plan to invest £1.3 billion ($1.73 billion) in the UK.
- The UK and India also discussed differences over the Russia-Ukraine conflict, particularly India's trade relations with Russia.
- The UK signed a £350 million contract to supply the Indian army with missiles and collaborate on naval ship engines.
