Evian [France], June 17 (ANI): Prime Minister Narendra Modi on Wednesday hailed the India-UK Comprehensive Economic and Trade Agreement (CETA) taking effect from July 15 as a “historic milestone” in bilateral relations and a major step forward for trade and investment between the two countries.In a post on X, PM Modi said the agreement would significantly strengthen economic engagement between India and the United Kingdom (UK) while opening up opportunities across key sectors.https://x.com/narendramodi/status/2067266939232350406He said, “A historic milestone for India-UK relations. Delighted to note that the India-UK Comprehensive Economic and Trade Agreement will enter into force on 15th July 2026.”The PM said that the agreement is expected to boost bilateral trade and investment. He said, “This agreement will significantly boost our bilateral trade and investment.”He further said that the trade pact would also contribute meaningfully to India’s long-term development vision of Viksit Bharat 2047. He said, “It will also unlock numerous opportunities for Indian farmers, workers, MSMEs, startups and innovators and contribute meaningfully to the realisation of Viksit Bharat 2047.””Both PM Starmer and I, who are in Evian for the G7 Summit, are naturally very happy with the significant momentum being added to our economic ties,” PM Modi added.The India-UK Free Trade Agreement (FTA) will come into effect on July 15, British High Commissioner to India Lindy Cameron announced on Wednesday, describing it as a landmark step in bilateral economic ties.In a post on X, Cameron said, “The countdown begins! The UK and India have agreed that the Free Trade Agreement will come into effect on 15 July.”Calling it a major milestone in the relationship between the two countries, she added, “An historic moment for the modern UK-India partnership, unlocking a new era of growth for both our economies.”The announcement marks the final step before the implementation of the trade pact, which was signed by India and the United Kingdom in July 2025 after almost three years of negotiations.The UK-India Free Trade Agreement (FTA), officially known as the Comprehensive Economic and Trade Agreement (CETA), is a landmark deal that aims to boost bilateral trade between the two nations by £25.5 billion annually.Signed in July 2025 during Prime Minister Narendra Modi’s visit to the UK, this agreement marks a significant milestone in the economic partnership between the world’s fifth- and sixth-largest economies.The deal includes substantial tariff reductions on goods such as textiles, whisky, and cars, making Indian exports more competitive in the UK market and vice versa.Indian businesses will gain greater access to the UK market, with the UK offering 99.1 per cent of tariff lines with 100 per cent trade value, mostly at zero duty immediately upon the agreement’s enforcement.The FTA is expected to create thousands of jobs in both countries, particularly in sectors like textiles, leather, footwear, sports goods, and engineering.According to the Ministry of Commerce and Industry, this agreement with the United Kingdom is expected to significantly improve market access for Indian exports, with 90.2 per cent of India’s exports to the UK becoming duty-free.The trade pact aims to expand market access, reduce tariffs, and double bilateral trade by 2030.With July 15 now confirmed as the implementation date, businesses in both countries are preparing for the rollout of tariff reductions and other trade facilitation measures.PM Modi’s bilateral meetings at the G7 Summit highlighted how India’s multi-alignment approach is bearing fruit across major global economies.The India-Canada Joint Statement issued after the meeting of both leaders noted the “satisfaction of both leaders with the progress in negotiations towards a Comprehensive Economic Partnership Agreement (CEPA)” and reaffirmed their “shared objective of concluding the negotiations in 2026.”In the meeting with the EU leadership, the European Commission President and European Council President stated, “Since we have concluded the mother of all trade deals, we have been moving fast to deliver on our commitments. We will sign the Free Trade Agreement by the end of the year.”Taken together, these developments demonstrate how PM Modi’s multi-alignment approach is translating into concrete economic outcomes, with Canada, the United Kingdom and the European Union. (ANI)(This content is sourced from a syndicated feed and is published as received. The Tribune assumes no responsibility or liability for its accuracy, completeness, or content.)