India hails ‘milestone' trade deal in talks with visiting British FM
British foreign minister David Lammy is on a two-day visit to India. (EPA Images pic)
NEW DELHI : Indian foreign minister Subrahmanyam Jaishankar said today a trade deal with Britain was 'truly a milestone' that will boost bilateral ties as he welcomed his counterpart David Lammy to New Delhi.
India and Britain struck a long-delayed free trade agreement last month after negotiations were re-launched in February.
Britain has sought to bolster trade ties across the world since it left the European Union under Brexit, a need that became more pressing after the US unleashed a global tariff blitz that risks causing weaker economic growth.
'The recent conclusion of the India-UK FTA… is truly a milestone which will not only propel our two-way trade and investment but will also have a positive effect on other strategic aspects of our bilateral ties,' Jaishankar said after meeting Lammy, who is on a two-day visit.
'It would also contribute to the strengthening of supply and value chains,' he said.
The accord will slash tariffs on imports of UK goods into India, including whisky, cosmetics and medical devices.
In exchange, Britain will cut tariffs on imports of clothes, footwear and food products, including frozen prawns, from India.
Britain and India are the sixth and fifth-largest global economies respectively, with a trade relationship worth around £41 billion and investment supporting more than 600,000 jobs across both countries.
They hope the free-trade agreement will increase trade between them by about £25.5 billion, as well as boost the British economy and wages.
Talks were re-launched in February after stalling under Britain's previous Conservative administrations.
Lammy said before his visit the deal with India was 'just the start of our ambitions'.
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