logo
India PM Modi in UK to sign 'landmark' trade deal with Starmer

India PM Modi in UK to sign 'landmark' trade deal with Starmer

Yahoo6 days ago
Indian Prime Minister Narendra Modi is in the UK amid reports that the two countries will announce a landmark free trade deal.
Modi is expected to sign the long-awaited deal on Thursday, which will cut tariffs on goods and increase market access for both countries.
He is also set to hold talks with Prime Minister Keir Starmer and meet King Charles before departing for the Maldives.
The India-UK free trade deal comes after nearly three years of negotiations and amid turmoil sparked by US President Donald Trump's threat of added tariffs.
Negotiations on the deal concluded in May and the pact is expected to boost bilateral trade by an additional £25.5bn a year by 2040. Last year, trade between the UK and India totalled £42.6bn.
But it might take at least a year for the deal to come into effect after it is approved by the UK parliament. The deal was okayed by Indian cabinet earlier this week, news agency PTI reported on Tuesday.
In May, Modi said the deal was a historic milestone that was "ambitious and mutually beneficial".
The pact would help "catalyse trade, investment, growth, job creation, and innovation in both our economies", he said in a post on social media platform X.
On Wednesday, Mr Starmer called the "landmark" deal a major win for Britain.
"It will create thousands of British jobs across the UK, unlock new opportunities for businesses and drive growth," he said.
The deal will make it easier for UK firms to export whisky, cars and other products to India, and will cut taxes on India's clothing and footwear exports.
Indian manufacturers are also expected to gain access to the UK market for electric and hybrid vehicles.
Solve the daily Crossword
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Indian equity benchmarks set for muted open ahead of Fed policy decision
Indian equity benchmarks set for muted open ahead of Fed policy decision

Yahoo

timean hour ago

  • Yahoo

Indian equity benchmarks set for muted open ahead of Fed policy decision

(Reuters) -India's equity benchmarks are set for a muted start on Wednesday as caution ahead of the U.S. Federal Reserve's policy decision and delay in India-U.S. trade deal overshadow better-than-expected earnings from infrastructure major Larsen & Toubro. The Gift Nifty futures were trading at 24,825 points as of 7:50 a.m. IST, indicating that the Nifty 50 will open near Tuesday's close of 24,821.1. While the Fed is expected to keep rates unchanged later in the day as it sifts through mixed economic data, comments from Chair Jerome Powell will be closely watched for economic and inflation outlook. Higher U.S. interest rates make emerging market equities like India less attractive for foreign investors, who have been on a selling spree in India this month. Foreign investors sold shares worth 46.37 billion rupees ($532.49 million) on Tuesday, as per provisional data. They have sold Indian shares worth $1.61 billion so far this month. Uncertainty over India's interim trade deal with the U.S. ahead of President Donald Trump's August 1 deadline has been weighing on investor sentiment. India is preparing to face higher U.S. tariffs — likely between 20% and 25% — on some of its exports as a temporary measure, as it holds off on fresh trade concessions ahead of Washington's August 1 deadline, two Indian government sources said. Among stocks, Larsen & Toubro will be in focus after it beat quarterly profit estimates on Tuesday, boosted by rising overseas contracts. STOCKS TO WATCH ** Power generator NTPC posts higher profit, but its revenue falls in the first quarter. State-owned company says it has identified potential sites for nuclear power projects ** Star Health and Allied Insurance posts lower profit along with a drop in its operating income for the first quarter ($1 = 87.0810 Indian rupees)

MakeMyTrip Expands International Listings with Premier Inn's 900+ European Hotels
MakeMyTrip Expands International Listings with Premier Inn's 900+ European Hotels

Skift

timean hour ago

  • Skift

MakeMyTrip Expands International Listings with Premier Inn's 900+ European Hotels

As direct competition in India is increasing and suppliers are cutting middlemen, MakeMyTrip is moving to international markets to increase supply and distinguish itself. Online travel agency MakeMyTrip has partnered with UK-based hotel chain Premier Inn. Under the partnership, more than 900 Premier Inn properties across the UK, Germany and Ireland have been added to MakeMyTrip's international hotel portfolio. For Premier Inn, the partnership with MakeMyTrip will help increase awareness of the brand in India and neighboring countries. MakeMyTrip's decision was driven by the UK being one of the most preferred destinations for Indian travelers, said Rajesh Magow, co-founder and group CEO of MakeMyTrip. The partnership is a key part of the OTA's strategy to capitalize on India's outbound surge. International Strategy: This is MakeMyTrip's latest effort to expand its international hotel supply. The company has been using a direct contracting strategy to add more hotels to its portfolio, with a focus on high-demand outbound destinations. In a statement, the company said in the past year, it has added more than 2,000 directly contracted hotels across 50 cities in 20 countries. 'These 50 cities collectively account for more than half of India's outbound travel,' MakeMyTrip's statement read. 'Over the past twelve months, we have pursued a focused strategy to deepen our international accommodation offerings across key hubs, particularly in long haul markets such as the UK, Europe, and the U.S.,' said Magow. �

Arab world tells Hamas to lay down arms and end rule of Gaza
Arab world tells Hamas to lay down arms and end rule of Gaza

Yahoo

time5 hours ago

  • Yahoo

Arab world tells Hamas to lay down arms and end rule of Gaza

The Arab world has called on Hamas to lay down arms and surrender its rule of Gaza. In an unprecedented move, Arab countries including Qatar, Saudi Arabia and Egypt joined calls for the Palestinian terror group to disband in a bid to end the war that has devastated the territory. Seventeen countries including the European Union and Arab League threw their weight behind a seven-page text agreed at a United Nations conference on reviving the two-state solution for Israel and the Palestinians. 'In the context of ending the war in Gaza, Hamas must end its rule in Gaza and hand over its weapons to the Palestinian Authority, with international engagement and support, in line with the objective of a sovereign and independent Palestinian State,' said the declaration. It followed a call on Monday by the Palestinian delegation at the UN for both Israel and Hamas to leave Gaza, allowing the Palestinian Authority to administer the coastal territory. The text also condemned the deadly Hamas attacks against Israel of October 7, 2023, which launched the war. France, which co-chaired the conference with Saudi Arabia, called the declaration 'both historic and unprecedented'. 'For the first time, Arab countries and those in the Middle East condemn Hamas, condemn October 7, call for the disarmament of Hamas, call for its exclusion from Palestinian governance, and clearly express their intention to normalise relations with Israel in the future,' said Jean-Noel Barrot, France's foreign minister. The text, co-signed by France, Britain and Canada among other western nations, also called for the possible deployment of foreign forces to stabilise Gaza after the end of hostilities. 'We supported the deployment of a temporary international stabilization mission upon invitation by the Palestinian Authority and under the aegis of the United Nations and in line with UN principles, building on existing UN capacities, to be mandated by the UN Security Council, with appropriate regional and international support,' said the declaration. Israel and the United States did not take part in the meeting. Earlier this month, Hamas sources told Saudi media that the group would consider laying down its arms as part of a ceasefire deal with Israel. It comes as Sir Keir Starmer said on Tuesday that Britain would recognise Palestine as a state unless Israel met a series of conditions, including ending the 'appalling' situation in Gaza. The move follows Emmanuel Macron, who announced last week that France would recognise Palestinian statehood. For decades, most UN members have supported a two-state solution with Israel and a Palestinian state existing side by side. But after more than 21 months of war in Gaza, the ongoing expansion of Israeli settlements in the West Bank, and Israeli officials declaring designs to annex occupied territory, it is feared a Palestinian state could become geographically impossible. The current war in Gaza began following the Hamas attacks on Israel, which responded with a large-scale military response that has claimed tens of thousands of Palestinian lives and destroyed most infrastructure in the enclave. Antonio Guterres, the UN's secretary general, said at the meeting on Monday that 'the two-state solution is farther than ever before'. Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more. Solve the daily Crossword

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store