00:00Your thoughts, sir, from ice creams in Hyde Park to this historic Prime Ministerial visit.
00:08Job, how do you feel that we've just concluded this historic free trade agreement today?
00:13Well, it's remarkable that a journey which started over two decades ago has culminated
00:18today at this historic checkers, the summer residence of Prime Minister Keats Tarmer,
00:27where Prime Minister Narendra Modi and Prime Minister Tarmer had their bilateral meetings.
00:35My colleague Jonathan Reynolds and I executed the free trade agreement, which was witnessed by both our leaders.
00:43It's been a labor of love, many hours and many nights spent on it by both teams,
00:49but ultimately culminating in a very fair, equitable and balanced agreement,
00:55which is great for both countries, which protects the interests and sensitivities of stakeholders in both countries
01:04and which ensures a possibility to double our trade between the UK and India in the next five years.
01:13Wait, sir, and Prime Minister Tarmer mentioned that it's a major win for Britain.
01:19Can we just highlight the major wins for India?
01:21Well, every agreement will only be successful when it's a win-win for both countries.
01:28Clearly, the United Kingdom has different strengths than India.
01:34The United Kingdom is more a services-driven economy and also into high-tech products.
01:41India, on the other hand, is focused more on farming products, on labor-intensive products,
01:48on products which feed into or which go into the high-tech products.
01:53For example, our farmers will get a lot of opportunities because we can process those farm products
02:00and market them in the United Kingdom.
02:03Our MSME sector will get a plethora of opportunities in aircraft parts, in auto components,
02:10various engineering products.
02:12Our textiles will see a massive spurt in demand because now, on a competitive basis,
02:19we will be right on top with zero duties.
02:23Similarly, whether it's leather, whether it's footwear, whether it's toys, whether it's furniture,
02:29whether it's pharma products, a very wide range of India's own strengths,
02:35which we are currently exporting in big measure across the world,
02:40will find markets in the United Kingdom,
02:44our people who come and serve in UK for short term, two years, three years,
02:50who today land up losing almost 25% of their earnings in social security,
02:57which never gives them any benefit,
02:59will now have an opportunity under the Double Contribution Convention
03:03to pay this money into their Provident Fund account in India.
03:08And that money will be secure.
03:10That money will be giving them an over 8% tax-free return
03:15and will become their pension and social security in the long run.
03:19So truly, this is going to be a game changer,
03:22both in trade, in investments, in the services sector,
03:27and help both India and the United Kingdom grow and our people benefit.
03:35Sir, and it will take some time for the parliamentary ratification process here,
03:40but what does this actually mean for businesses already though?
03:43Well, while of course the UK parliamentary process will take a few months,
03:48the good part is that it has always had bipartisan support.
03:52It was largely negotiated when the Conservatives were in power.
03:56Today, with the Labour government, it has been culminated into a robust
04:01and very fair and balanced agreement.
04:05And therefore, I think this will get cleared pretty quickly.
04:09But businesses will be already now planning
04:13because there is a stable and predictable environment.
04:16The free trade agreement will be known to everybody
04:19and businesses can start integrating their supply chains
04:23and can start planning the benefits of this free trade agreement,
04:28planning their business growth because of this free trade agreement.
04:32So I think the work will start right away.
04:35The benefits will start accruing in a few months.
04:38Great.
04:39And just finally, just at a personal level,
04:41during the briefing,
04:42we were told that it's a lot to do with the rapport
04:45between the two ministers,
04:46Minister Goyal and Minister Reynolds.
04:48So how does it feel today, having come to this point, concluded this?
04:53Well, it's extremely redeeming, extremely satisfying.
04:57I feel very humble that Prime Minister Narendra Modi
05:03reposed confidence and faith in me
05:07to be able to conclude this agreement,
05:10which has been quite complicated.
05:12Many, many years have gone by.
05:14Talks have been on and off.
05:17But I feel very humbled by the experience.
05:20I feel very, very satisfied at the outcome.
05:23And I'm sure what started off as a very difficult negotiation,
05:29but has concluded in a very friendly and very amiable relationship,
05:36will continue in the years to come
05:39to be a torchbearer for the progress and development of both countries.
