CETA will boost bilateral investment, generate new employment opportunities: PM Modi

New Delhi, Jul 24: Terming the Comprehensive Economic and Trade Agreement (CETA) between India and the United Kingdom as historic, Prime Minister Narendra Modi on Thursday said that this agreement is more than just an economic partnership; it is also a blueprint for shared prosperity.
Addressing an official function in United Kingdom after signing the agreement, PM Modi said, “This agreement will unlock new opportunities for India’s agricultural produce and processed food industry and would also pave the way for enhanced market access in the UK for Indian textiles, footwear, gems and jewellery, seafood, and engineering goods. Above all, this agreement will be especially beneficial for India’s youth, farmers, fishermen, and the MSME sector.’
He said, “Due to this agreement UK-made products such as medical devices and aerospace components will become more accessible and affordable for Indian consumers and industries.”
“Alongside the trade agreement, a consensus has also been reached on the Double Contribution Convention. This will inject new momentum into the service sectors of both countries, particularly in technology and finance. It will enhance the ease of doing business, reduce operational costs, and boost confidence of doing business. Additionally, the UK economy will benefit from access to skilled Indian talent,” PM Modi added.
“These agreements will boost bilateral investment and generate new employment opportunities in both countries. Moreover, these agreements between two vibrant democracies and major global economies, will also contribute to strengthening global stability and shared prosperity,” he said.
“To infuse new momentum and energy into our Comprehensive Strategic Partnership over the next decade, Vision 2035 is being launched. This will serve as a roadmap for a strong, trusted, and ambitious partnership in the areas of technology, defence, climate, education, and people-to-people connectivity,” PM Modi said.
“A Defence Industrial Roadmap has been developed to deepen our collaboration in defence and security. We will also work to further strengthen our Technology Security Initiative,” he said, adding, “It is our commitment that, from AI to Critical Minerals, Semiconductors to Cyber Security, we shall create the future together.”
“In the field of education as well, both our countries are writing a new chapter together. Six universities from the UK are opening campuses in India. Just last week, the University of Southampton inaugurated its campus in Gurugram, India,” he said.
Expressing gratitude to Prime Minister Starmer and his government for their strong condemnation of the April 22 Pahalgam terror attack, which left 26 civilians dead, PM Modi said, “We are united in our view that there can be no place for double standards in the fight against terrorism. We also agree that forces with extremist ideologies must not be allowed to misuse democratic freedoms. Those who misuse democratic freedoms to undermine democracy itself must be held to account.”
He said, “On the matter of extradition of economic offenders as well, our agencies will continue to work together in close coordination and cooperation.”
“We have continued to share our perspectives on peace and stability in the Indo-Pacific, the ongoing conflict in Ukraine, and the situation in West Asia. We support early restoration of peace and stability. Respect for sovereignty and territorial integrity of all countries is essential. Today’s era demands development, not expansionism,” PM Modi said.
Referring to the plane crash of England bound Air India flight near Ahmedabad last month, PM Modi said, “Last month, in the tragic accident that took place in Ahmedabad, several of those who lost their lives were our brothers and sisters from the UK. We extend our heartfelt condolences to their families.”
“The people of Indian origin living in the UK serve as a living bridge in our relationship. They did not just bring curry from India, but also creativity, commitment, and character. Their contribution is not limited to the UK’s thriving economy — it is equally visible in the country’s culture, sports, and public service,” he added.
“I would be remiss not to mention cricket when India and the UK are coming together, especially during a Test series. For both of us cricket is not just a game but a passion. And also, a great metaphor for our partnership. There may be a swing and a miss at times. But we always play with a straight bat. We are committed to building a high scoring solid partnership.
The agreements concluded today, along with our Vision 2035, are milestones that carry forward this very spirit.”. (KNO)