India-UK deal to immune MSMEs from global volatility: Modi

New Delhi: Prime Minister Narendra Modi on Thursday said the India-UK free trade pact will boost MSMEs and create jobs, and exuded confidence that the target of doubling bilateral trade will be achieved ahead of the target date of 2030.

Addressing a CEO forum along with British Prime Minister Keir Starmer, Modi said the Com-prehensive Economic and Trade Agreement (CETA) between India and the UK will provide sta-bility at a time when the world is witnessing instability.

“Today, India-UK bilateral trade stands at $56 billion. I am confident that the target of doubling it would be achieved ahead of the scheduled deadline of 2030,” Modi said.

Modi also said that nine UK universities will open campuses in India. In his address, Starmer asked industry leaders from India and UK to list out what the governments of both the countries could do to remove barriers stopping them from capitalising on opportunities.

“We want to support you to maximize the potential in relation to this trade agreement,” Starmer said, adding that there has been a 6 billion pound boost in trade and investment in the three months since the CETA was signed in July. The British leader, accompanied by a delegation of 125 of the UK’s most prominent business leaders, entrepreneurs and educationists, landed in Mumbai on Wednesday morning on a two-day visit. Starmer’s visit to India came two-and-half months after the two countries inked a landmark free trade pact that will increase market access, cut tariffs and is expected to result in doubling the bilateral trade by 2030. The trade deal was firmed up during PM Modi’s visit to London in July.

Starmer arrived in India for a two-day visit on Wednesday, accompanied by the biggest-ever trade delegation from the country to India.

“Delighted to call on UK Prime Minister Keir Starmer. Discussed avenues to further deepen In-dia-UK trade and economic partnership for mutual prosperity,” Goyal posted on X social media platform.