New Delhi, Jul 23 (PTI) The UK India Business Council (UKIBC) welcomed the signing of the free trade pact between the two countries on Thursday, saying the landmark deal promises to "unlock" unprecedented trade and investment opportunities between them.

The mega deal, signed during Prime Minister Narendra Modi's visit to the UK marks a "historic milestone" in the bilateral relationship, the council said.

Prime Minister Modi witnessed the signing of the trade pact along with his British counterpart Keir Starmer.

After many years of hard work, a comprehensive economic and trade agreement has been inked between India and the UK, Modi noted with Starmer by his side at Chequers, the country residence of the British prime minister.

"India's large and fast-growing economy, with a 1.4 billion market and an expanding middle class, offers UK businesses significant export and investment opportunities. Tariff reductions under the free trade agreement are expected to boost UK exports," the UKIBC said in a statement.

It said that with this deal, Britain welcomes almost GBP 6 billion in new investment and export wins, which aim to create more than 2,200 British jobs across the country with the Indian firms expanding their operations in the UK and British companies securing new business opportunities in India.

UKIBC is a policy advocacy and strategic consulting not-for-profit, with a mission to grow the UK-India trade and investment.

India and the UK inked the FTA that will increase market access, cut tariffs on British whisky and cars among other items and double bilateral trade by 2030. The two strategic partners vowed to chart a new growth path amid growing global concerns over Washington's trade policies.

Today is a "historic day" in India-UK relations, Modi said.

"The UK India Business Council welcomes the signing of the UK-India Free Trade Agreement (FTA), a landmark deal that promises to unlock unprecedented trade and investment opportunities between two of the world’s largest and most dynamic economies," the statement added.

UKIBC said it has played an "active role" in supporting the FTA process, facilitating consultations with industry, providing evidence-based recommendations and ensuring the voices of UK and Indian businesses-especially mid-sized and sector-specific players, emphasising that they are heard and reflected in the negotiations.

Richard Heald, Chair, UK-India Business Council, said, "Businesses across both countries have long called for an agreement that reduces barriers, enhances market access and creates a clear framework for long-term, sustainable growth." "We congratulate both governments for their commitment and ambition in bringing this complex negotiation to fruition. Success in the FTA will support further economic growth for the world's 4th and 6th largest economies. It will catalyse collaboration into other areas too," he said according to the statement.

As India charges ahead towards 'Viksit Bharat' by 2047, UKIBC and more broadly, British businesses recognise that "a successful FTA is a critical milestone in a longer-term journey" and are keen to support India's ambitions, Heald said. PTI KND KND OZ OZ

Free trade agreement expands market access and tariff cuts, enabling increased bilateral trade and investment opportunities. The Free Trade Agreement between India and the UK establishes a framework to increase market access, reduce tariffs on specified goods (including whisky and cars), and boost bilateral trade by cutting trade barriers. It aims to expand export opportunities for UK businesses into India's large consumer market and facilitate Indian firms' investment and operations in the UK. The UK India Business Council contributed industry consultations and recommendations to ensure business interests were reflected in the negotiations.