London [UK] July 24 (ANI): External Affairs Minister S Jaishankar on Thursday hailed the signing of the India-UK Comprehensive Economic and Trade Agreement (CETA) as a momentous development.

Jaishankar said that the agreement will help stabilise global trade at a time of volatility.

'The India-UK Comprehensive Economic and Trade Agreement (CETA) signed today is a momentous development. CETA will deepen our Comprehensive Strategic Partnership and impart a new energy to our exchanges. It will also help stabilise global trade at a time of volatility. Truly a watershed in our ties,' he said in a post on X.

Prime Minister Narendra Modi hailed the signing of the Comprehensive Economic and Trade Agreement (CETA) as a new chapter in the India-UK relationship.

'A new chapter begins today in the India-UK economic partnership! The signing of the Comprehensive Economic and Trade Agreement (CETA) reflects our shared commitment to enhancing trade, driving inclusive growth and creating opportunities for farmers, women, youth, MSMEs, and professionals,' he said in a post on X.

In his remarks at joint press statements with his British counterpart Keir Starmar, PM Modi said the day marks a historic milestone in our bilateral relations.

'I am pleased that, after years of dedicated efforts, the Comprehensive Economic and Trade Agreement between our two countries has been concluded today. This agreement is more than just an economic partnership; it is also a blueprint for shared prosperity. On the one hand, it paves the way for enhanced market access in the UK for Indian textiles, footwear, gems and jewellery, seafood, and engineering goods. It will also unlock new opportunities for India's agricultural produce and processed food industry. Above all, this agreement will be especially beneficial for India's youth, farmers, fishermen, and the MSME sector,' he said.

'On the other hand, UK-made products such as medical devices and aerospace components will become more accessible and affordable for Indian consumers and industries. Alongside the trade agreement, a consensus has also been reached on the Double Contribution Convention. This will inject new momentum into the service sectors of both countries, particularly in technology and finance,' he added.

PM Modi is on a two-day visit to the United Kingdom.

Ministry of External Affairs Randhir Jaiswal said in a post on X that PM Modi met PM Starmer of UK at the Chequers Estate in London and the two leaders reviewed the India-UK Comprehensive Strategic Partnership with a renewed focus under India-UK Vision 2035.

'Discussions also focused on the landmark Comprehensive Economic and Trade Agreement (CETA), Technology Security Initiative, defence & security, energy & climate, education and people-to-people ties. They also discussed regional & global issues of mutual interest,' he said. (ANI)