India, UK agree to expand ties, look to double bilateral trade
Mumbai, Oct. 10 -- Prime Minister Narendra Modi and his UK counterpart Keir Starmer moved to further strengthen the Comprehensive Economic and Trade Agreement (CETA) between India and the United Kingdom on the final day of the UK PM's maiden India visit.
Following their bilateral discussions at the Raj Bhavan in Mumbai on Thursday morning, the two leaders spoke of increasing areas of cooperation between the two nations at a time of rising global uncertainty.
"In today's time of global uncertainty, our growing partnership stands as an important pillar of global stability and economic progress. India's dynamism and the United Kingdom's expertise together create a unique synergy. Our partnership is trustworthy, and driven by talent and technology," said Modi after the meeting, while Starmer too spoke of the complementary energies of the two countries. "We are building something here, and creating a new modern partnership focused on the future," he said.
Separately addressing the India-UK CEO Forum in Mumbai, Modi expressed confidence that India and the United Kingdom will double bilateral trade from the existing approximately USD 56 billion before the mutually set target of 2030.
"Today, our bilateral trade is approximately USD 56 billion. We have set a target of doubling it by 2030. I am confident that we can achieve this target ahead of time: PM Modi at the India-UK CEO Forum in Mumbai," he said.
"This year has been unprecedented, enhancing the stability of India-UK relations amid the current global volatility. During my visit to the UK in July this year, we signed the Comprehensive Economic and Trade Agreement (CETA). I deeply appreciate and congratulate my friend Prime Minister Starmer for his commitment and vision for this historic achievement. This is not just a trade agreement, but a roadmap for shared progress, shared prosperity, and shared people between the world's two largest economies," Modi said at the CEO Forum.
In line with the free trade agreement signed in July this year during PM Modi's visit to the UK, the two sides on Thursday took several decisions on cooperation in the fields of technology, education, trade and investment, climate, health and research. Notable among them are establishment of the India-UK Connectivity and Innovation Centre, launch of phase II of the UK-India Critical Minerals Supply Chain Observatory and establishment of a new satellite campus at IIT-ISM Dhanbad, establishment of the Critical Minerals Industry Guild to secure resilient supply chains and promote green technologies and establishment of the Offshore Wind Taskforce.
"We have a shared commitment to Sustainable Development Goals. In this direction, we welcome the formation of the India-UK Offshore Wind Taskforce. We have also established a Climate Technology Start-up Fund which will provide support to innovators and entrepreneurs from both countries working in the fields of climate, technology, and AI," said Modi. The Climate Technology Start-up Fund is a joint initiative between the UK Government and the State Bank of India for supporting innovative entrepreneurs.
India and the UK also signed an agreement for cooperation in military training under which flying instructors from the Indian Air Force will serve as trainers with the UK's Royal Air Force. "It is a special coincidence that while this meeting is taking place in the country's financial capital, Mumbai, our naval ships are participating in the joint exercise, 'Konkan 2025'," noted the Indian prime minister.
Keir Starmer, who had visited Yash Raj Studios in Mumbai on Wednesday spoke about increasing cooperation in the fields of culture and education. His delegation, the largest-ever UK mission, comprises several heads of universities. "The demand for the best quality higher education is very high. So, I am really pleased to announce that more British Universities will be setting up campuses in India, making Britain India's leading international provider of higher education and delivering on our vision 2035." Nine UK universities are already setting up campuses or collaborating in India.
In his address, the British PM also appreciated the strides in the Indian economy. "It is significant that we are meeting in Mumbai, India's economic and financial capital, because India's growth story is remarkable. I want to congratulate the PM on his leadership, aiming to be the world's 3rd largest economy by 2028. Your vision of Viksit Bharat is to make it a completely developed country by 2047. Everything I have seen since I have been here is absolute proof to me that you are on track to succeed in that. We want to be partners on that journey. My visit this week is about doubling down on the potential of our trade deal for the benefit of all of us. When we leave later tonight, I expect that we will have secured major new investments, creating thousands of high-skilled jobs in the sectors of the future, for both of our nations," he said.
Starmer offered the UK's support to India for a permanent seat in the UN security council saying, "We sit together in the Commonwealth and the G20. We want to see India taking its rightful place in the United Nations Security Council." The two prime ministers also announced their support for peace efforts in Gaza and Ukraine. "On the issues of the Ukraine conflict and Gaza, India supports all efforts to restore peace through dialogue and diplomacy," said Modi while Starmer welcomed the new peace plan in Gaza. "This is a moment of profound relief. This agreement must now be implemented in full without delay and be accompanied by the immediate lifting of all restrictions on life-saving humanitarian aid to Gaza," he said....
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