“We are now in a new era for trade and the economy,” Starmer said as the deal was announced on Tuesday. “Today we have agreed a landmark deal with India — one of the fastest growing economies in the world, which will grow the economy and deliver for British people and business.”
Modi said the landmark deal will “further deepen our Comprehensive Strategic Partnership, and catalyse trade, investment, growth, job creation, and innovation in both our economies. I look forward to welcoming PM Starmer to India soon.”
The pact is the most valuable post-Brexit trade deal the U.K. has struck since leaving the European Union. An economic forecast by the British government suggests the deal will increase the U.K.’s GDP by £4.8 billion by 2040.
Negotiators have been working around the clock on the deal since Britain’s Trade Secretary Jonathan Reynolds traveled to Delhi in February to relaunch the deal with Indian Commerce Minister Piyush Goyal following elections in both countries last year.
Goyal and Reynolds were nearly able push the deal over the line when India’s trade chief returned to London Friday following visits to Oslo and Brussels. The two put the finishing touches to the pact over the weekend.
Negotiators, however, were unable to secure a Bilateral Investment Treaty being sought in parallel with talks for the trade agreement. Negotiations to secure an investment treaty continue.
