British Indian businessman Lord Rami Ranger on Wednesday lauded Prime Minister Narendra Modi's leadership while terming the possible signing of a Free Trade Agreement (FTA) as "a major development" and a "win-win situation" for both India and the United Kingdom.

(IANS)

The cabinet on Tuesday approved the free trade agreement between India and the UK, which will be signed in London on July 24, sources said.

India and the United Kingdom will sign a landmark Free Trade Agreement (FTA) on Thursday during Prime Minister Narendra Modi's visit to the United Kingdom. This comes after nearly three years of negotiations.

Commerce and Industry Minister Piyush Goyal and his British counterpart Jonathan Reynolds would sign the agreement. Once the pact is signed, it will require approval from the British Parliament before it can take effect. The process may take about a year.

India and the UK will sign a free trade agreement on Thursday in London that will allow export of labour-intensive products such as leather, footwear and clothing at concessional rates, while making imports of whisky and cars from Britain cheaper.

The pact also helps double trade between the two economies to $120 billion by 2030.

Prime Minister Narendra Modi left for London, United Kingdom on Wednesday. During the visit, he will hold discussions with UK PM Starmer on India-UK bilateral relations and will also review the progress of the Comprehensive Strategic Partnership.

In the second leg of the tour, PM Modi will undertake a state visit to Maldives from July 25-26 at the invitation of Maldivian President Dr. Mohamed Muizzu. This marks PM Modi's third visit to the island nation and the first by any head of state or government during President Muizzu's tenure.

"The two leaders will also take stock of the progress in the implementation of the India-Maldives Joint Vision for a 'Comprehensive Economic and Maritime Security Partnership', adopted during the State Visit of the President of Maldives to India in October 2024," said MEA.

Significantly, PM Modi will be the Guest of Honour at the 60th Independence Day celebrations of Maldives on July 26. His visit underlines India's commitment to strengthening ties with its maritime neighbours under the 'Neighbourhood First' policy and Vision MAHASAGAR.

The leaders are expected to assess progress in key areas including infrastructure, defence cooperation, and economic connectivity. The high-profile diplomatic engagements aim to reinforce India's global outreach while reaffirming its strategic interests in the Indian Ocean region and beyond.

Prime Minister Narendra Modi will embark on a two-nation tour of the UK and the Maldives on Wednesday, marking a significant diplomatic engagement aimed at bolstering strategic partnerships and regional cooperation. 

PM Modi's visit to the UK, scheduled for July 23–24, comes at the invitation of British counterpart Keir Starmer and will be his fourth trip to the country.

“During the visit, the two sides will also review the progress of the Comprehensive Strategic Partnership (CSP) with a specific focus on trade and economy, technology and innovation, defence and security, climate, health, education and people-to-people ties,” said the Ministry of External Affairs in its press release.

The discussions will also touch upon regional and global developments of mutual concern.

The visit is expected to inject new momentum into the India-UK Comprehensive Strategic Partnership (CSP), with both leaders aiming to review progress and chart new areas of cooperation, including India-UK Free Trade Agreement (FTA).

PM Modi is also likely to call on King Charles III during his stay.

Prime Minister Narendra Modi's two-day State visit to Maldives this week will not only contribute further to consolidating strong ties between the two nations but also enhance peace, prosperity and security in the Indian Ocean Region (IOR), Foreign Secretary Vikram Misri said on Tuesday. Both countries, he revealed, are also in discussions to negotiate a Free Trade Agreement and an investment treaty.

Prime Minister Modi will undertake a State Visit to Maldives from July 25-26, on the invitation of the Maldives President, Mohamed Muizzu. This will be Prime Minister Modi's third visit to Maldives - he had visited the Indian Ocean archipelago in 2018 and 2019, earlier - and the first by a Head of State or Government to Maldives during the Presidency of Muizzu which began in November 2023.

Prime Minister Narendra Modi is set to embark on an official visit to the United Kingdom on 23rd July for discussions with UK Prime Minister Keir Starmer regarding the finalisation of the Free Trade Agreement between the two countries.

The cabinet on Tuesday approved the free trade agreement between India and the UK, which will be signed in London on July 24, sources told news agency PTI. The pact, officially called as Comprehensive Economic and Trade Agreement, will be signed during Prime Minister Narendra Modi's visit to London.

PM Modi's four-day visit to the United Kingdom and the Maldives begins on Wednesday. Commerce and Industry Minister Piyush Goyal will accompany the prime minister. The two countries announced the conclusion of the negotiations for the trade agreement on May 6.