India-UK trade pact roadmap for shared progress, biz should partner to set global benchmarks: Modi

New Delhi, Oct 9 (PTI) Prime Minister Narendra Modi on Thursday said the India-UK trade agreement is a roadmap for shared progress and prosperity of people of the two big economies as he asked businesses to identify sectors where they can set global benchmarks.

Addressing a CEO forum along with British Prime Minister Keir Starmer, Modi highlighted India's policy stability, predictable regulation and large scale demand as he invited investments by UK companies in sectors like infra, pharma, energy, and finance.

"The combination of India's talent and scale and UK's R&D and expertise can yield greater results. To fulfil the aspiration and ambition in a targeted and timebound manner your involvement is very important. I'm inviting you to partner us in India's growth story," Modi said.

He further said that the India-UK relations have strengthened this year with the signing of the Comprehensive Economic and Trade Agreement (CETA) in July.

In the current global instability, this year has seen strengthening of India-UK relation. This year in July, we have signed CETA... This is not a trade agreement but roadmap for a shared progress, prosperity and shared peoples between two big economies. Along with market access, the agreement will boost MSMEs and create job opportunities for youth," Modi said.

In his address, Starmer asked industry leaders from India and the UK to list out what the governments of both the countries could do to remove barriers stopping them from capitalising on opportunities.

"We want to support you to maximize the potential in relation to this trade agreement," Starmer said, adding that there has been a 6 billion pound boost in trade and investment in the three months since the CETA was signed in July.

Starmer's visit to India came two-and-half months after the two countries inked a free trade pact that will increase market access, cut tariffs and is expected to result in doubling the bilateral trade by 2030.

Modi exuded confidence that the India-UK bilateral trade, currently at USD 56 billion, could double well before the 2030 deadline. The trade deal was firmed up during PM Modi's visit to London in July.

"Today, telecom, AI, biotech, quantum, semi-conductor, cyber and space sectors have potential for partnership. In strategic sectors like critical minerals, rare earth, API, we should move ahead in structured way. India, UK business leaders should work to identify some sectors wherein jointly we can become world leaders.

"Be it fintech, semi-conductor, green hydrogen or startup. Let India and UK set global benchmarks together," Modi said.

Announcing that nine universities of UK will open campuses in India, Modi said in the coming times, the partnership between academia and industry will drive the 'innovation economy' of the two countries.

Outlining 4 dimensions of the CETA -- commerce and economy; education and people-to-people ties; technology and innovation; and aspirations, Modi said the open and democratic economies of India and UK provide huge scope for partnership. "Now the time is to convert the opportunities into concrete partnership," he said.

The British leader, accompanied by a delegation of 125 of the UK's most prominent business leaders, entrepreneurs and educationists, landed in Mumbai on Wednesday morning on a two-day visit. PTI JD CS HVA