Keir Starmer has described the landmark India trade deal as the "most significant" since Brexit, during a meeting with Indian Prime Minister Narendra Modi at the country estate of Chequers today.
The agreement encompasses nearly £6billion in new investment and export opportunities, with Indian enterprises expanding their UK presence while British firms gain enhanced access to the Indian market.
Consumer benefits include reduced tariffs on everyday items such as clothing, footwear and food products, which are expected to lower prices for British shoppers.
The Prime Minister said: “This is a historic day, a landmark moment for both of our countries."
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|Keir Starmer has described the landmark India trade deal as the 'most significant' since Brexit
He continued: "The UK-India deal is now signed, sealed and ready to be delivered, so it’s a real pleasure to welcome you.”
The deal, which has been tipped to generate 2,200 jobs nationwide, will see import duties for UK goods going to India slashed.
The average levy on UK exports will drop dramatically from 15 per cent to just three per cent as part of the new arrangements.
Starmer and Modi embraced each other with a warm hug.
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|Starmer and Modi embraced each other with a warm hug
He added: “Look, we both know this is the biggest and most economically significant trade deal that the UK has made since leaving the EU.
"And I think I can say that it’s one of the most comprehensive deals that India has ever done.
"So thank you, Prime Minister, for your leadership and for your pragmatism."
UK cars and whisky will be cheaper to export to India and Indian textiles and jewellery cheaper to export to the UK.
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|The deal took three years to reach and also commits to a new India-UK plan to tackle illegal migration
Speaking on the difference between a Labour Government and the previous Conservative one, the Prime Minister said: "The UK has been negotiating a deal like this for many years, but it is this Government that got it done, and with it, we’re sending a very powerful message that Britain is open for business, and that is already generating huge confidence."
He said the so-called India-UK Vision 2035 strategy, launched alongside the deal, outlines how the countries will work more closely together in areas such as defence, migration, climate, and health.
The deal took three years to reach and also commits to a new India-UK plan to tackle illegal migration.
The agreement will create more than 2,200 British jobs across the country, according to Starmer.