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India-UK CETA is roadmap for shared progress and prosperity: PM Modi at CEO Forum
Prime Minister Narendra Modi announced on October 9 that India and the United Kingdom aim to double their bilateral trade from the current approximately USD 56 billion before the targeted deadline of 2030, reports 24brussels.
Speaking at the India-UK CEO Forum in Mumbai, Modi described the Comprehensive Economic and Trade Agreement (CETA) as a transformative roadmap, enhancing cooperation between the world’s two largest economies. “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,” he stated.
This year, according to Modi, has been pivotal in solidifying India-UK relations amid global uncertainties. He highlighted his visit to the UK in July, where the signing of CETA marked a significant milestone. “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,” he said.
UK Prime Minister Keir Starmer, who is currently on a two-day visit to India, also spoke at the forum. Modi emphasized that the agreement would provide crucial market access and bolster micro, small, and medium enterprises (MSMEs), creating new employment opportunities for millions of youths in both countries.
Modi proposed four new dimensions to broaden CETA’s scope: ‘C’ for Commerce and Economy, ‘E’ for Education and People-to-People Relations, ‘T’ for Technology and Innovation, and ‘A’ for Aspiration. He reiterated confidence in achieving the target of doubling bilateral trade ahead of schedule.
The signing of CETA in July significantly enhances the economic partnership between India and the UK. The agreement ensures duty-free access for 99% of India’s exports to the UK, impacting nearly the entire trade spectrum. It aims to create opportunities for labor-intensive sectors such as textiles, marine products, leather, footwear, and sports goods, as well as in burgeoning industries like engineering goods, auto components, and organic chemicals.