India and the United Kingdom on Thursday signed a landmark free trade agreement (FTA) aimed at significantly enhancing market access and boosting bilateral trade by an estimated USD 34 billion annually and is set to double the trade between the two nations to USD 120 billion by 2030.

The agreement was formalised in the presence of Prime Minister Narendra Modi and UK Prime Minister Keir Starmer.

Addressing a joint press conference with Starmer after signing the trade pact, PM Modi said this day marks a historic shift in ties between India and the UK and that he is delighted this comes after hard work of several years.

He further added that the agreement is not just an economic deal but a plan for shared prosperity. "On one side, Indian textile, footwear, gems and jewellery, seafood and engineering goods will get better market access in the UK. New opportunities will emerge in the UK market for India's agricultural produce and processed food industry. This agreement will especially benefit Indian youth, farmers, fishermen and the MSME sector. On the other hand, for the people of India and industry, products made in UK like medical devices will be available at reasonable and affordable prices," PM Modi said.