In a major boost to economic ties, Hon’ble Prime Minister Shri Narendra Modi and UK Prime Minister Sir Keir Starmer welcomed the successful conclusion of a landmark India-UK Free Trade Agreement (FTA). The comprehensive pact is expected to significantly enhance bilateral trade, promote investment, bolster innovation, and generate employment across both nations.
The India-UK comprehensive strategic partnership will cover trade in goods and services, and is set to open new avenues for collaboration between two of the world’s largest open-market economies.
“Heartiest congratulations to Hon’ble Prime Minister Shri Narendra Modi on the successful conclusion of the India-UK Free Trade Agreement — a landmark milestone that will further deepen and strengthen bilateral trade ties,” said Kirit Bhansali, Chairman, GJEPC.
The UK remains a pivotal market for India’s gem and jewellery sector, with exports reaching USD 941 million and imports at USD 2.7 billion in 2024. This landmark FTA is poised to significantly accelerate our export growth, with projections indicating a rise to USD 2.5 billion within the next two years. “As a result, total bilateral trade in gems and jewellery is expected to double, reaching USD 7 billion. This agreement will open up fresh
opportunities for growth, investment, and collaboration, strengthening the trade between the two nations,” Bhansali added.
PM Starmer emphasised that reducing trade barriers with major economies is a core component of the UK government’s Plan for Change, aimed at building a stronger, more secure economy. Both leaders noted that the FTA will not only enhance market access but also create new opportunities for developing joint products and services for global markets.