By Admin 
Prime Minister Narendra Modi has reached London on a historic visit to the United Kingdom, where he will stay for the next 24 hours. During this time he will meet Britain’s Prime Minister Kir Stmper. The two leaders will sign the historic British-India Trade Agreement (FTA). This free trade agreement is estimated to increase the Bilateral trade by 25.5 billion pounds.
This will be Britain’s second largest bilateral trade agreement after leaving the European Union. FTA will bring significant improvement in market access to the industry of both countries and due to this, products and services are expected to be cheaper for consumers. Indian business and Indian consumers will benefit the most after the free trade agreement is signed.
Which goods will be cheap?
Britain’s beverages, cosmetics, expensive cars, tariffs on medical equipment will be reduced. According to sources, the average tariff will decrease from 15 percent to 3 percent. Apart from this, India’s exports will increase further after this deal. According to a data from the British High Commission, Britain currently imports 11 billion pounds from India. That is, after the reduction in tariff rates, exports in Indian businesses in Britain will be boosted.
A spokesman for the British High Commissioner said in a statement that after this trade deal, the UK’s clean energy industry will have access to the Indian procurement market. Apart from this, about 26 British companies of UK have announced new businesses. Airbus and Rolls-Royce will soon start supply of Airbus aircraft to the major Indian airlines, which will operate more than half of the Rolls-Royce engine.
India-AK 2035 Vision will be launched
During PM Modi’s visit to London, India-AK 2035 vision between India and UK will also be launched. It is believed that this vision will take India and the UK relations to new heights in the rapidly changing global era. The Indo-UK 2035 vision will strengthen prosperity and innovation by moving beyond the ambitious new approach business. Apart from this, it will strengthen India-UK’s mutual commitment to deepen defense cooperation, deal with climate change and promote educational relations.
What did the British PM say?
When PM Modi and the UK PM meet in London, the India-UK technology is said to be a possible discussion on further strengthening national security by using technology and by shaping future technology on completion of the signing of the security initiative.
Regarding Prime Minister Modi’s visit to UK, the UK Prime Minister Kir Stmper said that the business agreement with India is historic. This will create thousands of jobs in the whole of Britain. New opportunities will open for businesses and development will be accelerated in every corner of the country, so that our change plan can be realized.
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