Historic India-UK Free Trade Agreement Nears Completion

NEW DELHI: In a significant development, India and the UK are on the verge of signing a landmark Free Trade Agreement (FTA) next week, as confirmed by officials. This agreement marks a pivotal moment in bilateral relations, aiming to enhance trade and investment flows between the two nations.

Key Highlights of the FTA:

The FTA is set to eliminate tariffs on Indian exports such as leather, footwear, and clothing, while reducing duties on British exports including whisky and automobiles. The ambitious goal is to double bilateral trade to $120 billion by 2030.

Before the agreement becomes operational, it will require ratification from the British Parliament and approval from India's Cabinet. The full implementation is anticipated to take about a year following the signing, with negotiations having concluded on May 6.

This agreement not only signifies a strengthening of economic ties but also opens up new opportunities for businesses and consumers in both countries.