E-Paper
CETA opened new avenues of India, UK synergy: PM
PM Modi and UK PM Starmer highlight a stable India-UK relationship, marking the CETA as a roadmap for shared growth and aiming to double trade by 2030.
New Delhi
Amidst current global instability, this year has been a year of stability for the India-UK relationship, Prime Minister Narendra Modi told corporate honchos from the two countries on Thursday in Mumbai while British Prime Minister Keir Starmer called his two-day India visit as “historic” and “productive”.
Jointly addressing a gathering of CEOs from both countries, Modi said the India-UK Comprehensive Economic and Trade Agreement (CETA) signed in July “is not just a trade agreement, but a roadmap for shared progress, shared prosperity, and shared people” between the world’s two largest economies. Along with market access, this agreement will strengthen micro, small and medium enterprises of both countries and open new doors of employment for millions of youths.
Speaking at the occasion, Starmer said since the two partners signed the FTA, “We’ve seen a 6-billion-pound boost in trade and investment and it would go further” after the CETA is formally operationalized. He called his two-day Mumbai visit “a celebration of the partnership” between the UK and India and “a clear display of our belief in the potential”.
Referring to the India-UK FTA (formally called CETA), Modi presented four new dimensions to this agreement that could give it a much broader base -- C, means commerce and economy; E, means education and people-to-people ties; T, means technology and innovation; and A, means aspirations. “Today, our bilateral trade is approximately $56 billion. We have set a goal of doubling it by 2030. I am confident we can achieve this goal ahead of schedule,” he added.
According to Modi, the two sides are seeing emergence of “countless new possibilities for cooperation” in areas such as telecom, artificial intelligence, biotechnology, quantum, semiconductors, cyber, and space. “In the defence sector, we are also moving towards co-design and co-production. Now is the time to accelerate the transformation of these possibilities into concrete collaborations,” he said. The two sides must move forward in a structured manner in strategic sectors such as critical minerals, rare earths, and active pharmaceutical ingredients (APIs) that will give a futuristic direction to the bilateral relationship, he added.
Explaining India’s priority to CEOs, he said “infrastructure development is a priority for us. We are investing in next-generation physical infrastructure. We are rapidly progressing towards our target of 500 gigawatts of renewable energy by 2030”.
“I’m pleased to announce that we are opening up the nuclear power sector to the private sector, he said. All these have created opportunities to take India-UK cooperation to new heights, he said. “I invite you to join India on this journey of growth.
He posed a question -- Could Indian and UK business leaders identify sectors where they can jointly become number one in the world? “Be it FinTech, or green hydrogen, semiconductors, or startups. There could be many other sectors. Let India and the UK set Global Benchmarks together!”
