On July 24, Prime Minister Narendra Modi and UK Prime Minister Keir Starmer signed a landmark Free Trade Agreement at Chequers, the UK Prime Minister’s official residence. The agreement aims to double the trade between the India and UK from €60 billion to €120 billion by 2030 by reducing or removing tariffs on key goods and services.
This deal is a major milestone in strengthening economic relations between India and the UK. Officials stated that it will open new market opportunities for UK products such as textiles, footwear, seafood, gems, and engineering goods in the Indian market.
Prime Minister Modi said, “The cost of doing business will go down, and confidence of business will go up.”
The two leaders also discussed expanding cooperation in education. PM Modi mentioned the growing presence of British universities in India, highlighting the recent opening of the University of Southampton’s campus in Gurugram on July 16.
“Friends, even in the education sector also, both countries together are writing a new chapter. UK’s six universities are opening campuses in India. Just last week, in India’s Gurugram city, the Southampton university was inaugurated.”
The University of Southampton has become the first foreign university to open a campus in India, following India’s policy changes in 2023 allowing international universities to establish campuses in the country.
This Free Trade Agreement builds on the 2021 upgrade of India and UK ties into a Comprehensive Strategic Partnership. The focus remains on trade, defence, education, energy, and people-to-people exchanges.
According to recent UK government data, Britain exported goods and services worth €17.1 billion to India in 2024 and imported €25.5 billion. The total bilateral trade reached €42.6 billion, making India the 11th largest trading partner of the UK by the end of the fourth quarter of 2024.
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