India, UK conclude 'ambitious and mutually beneficial' free trade agreement: PM Modi

India and the United Kingdom have successfully concluded an "ambitious and mutually beneficial" Free Trade Agreement (FTA) along with a Double Contribution Convention, Prime Minister Narendra Modi announced on Tuesday.

In a post on X, Modi said he was delighted to speak with his British counterpart, Prime Minister Keir Starmer, about the agreements, which are set to deepen the comprehensive strategic partnership between the two nations.

"These landmark agreements will further catalyse trade, investment, growth, job creation, and innovation in both our economies," Modi said.

The two leaders held a telephonic conversation on Tuesday where they described the FTA a historic milestone in the bilateral comprehensive strategic partnership that would foster trade, investment, innovation and job creation in both the economies.

"Both agreed that the landmark agreements between the two big and open market economies of the world will open new opportunities for businesses, strengthen economic linkages, and deepen people-to-people ties," the Prime Minister’s Office (PMO) said in a statement.

The FTA, covering trade in goods and services, will significantly enhance bilateral trade, create employment opportunities, raise living standards, and improve the well-being of citizens in both nations, according to the official readout.

PM Modi also invited Starmer to visit India and the two leaders agreed to remain in touch.

The breakthrough follows the resumption of trade talks announced on February 24, 2025, after Modi and Starmer met on the sidelines of the G-20 Summit in Rio de Janeiro in November 2024.

The leaders had emphasised the urgency of restarting negotiations, which were taken forward by Union Commerce and Industry Minister Piyush Goyal and UK’s Secretary of State for Business and Trade Jonathan Reynolds during discussions in Delhi.

The February joint statement highlighted the shared ambition to secure a "balanced, mutually beneficial, and forward-looking" trade deal, building on the strengths of the two complementary economies.