Historic India-UK Trade Deal Nears Finalization

Prime Minister Narendra Modi is set to embark on a significant four-day visit to the United Kingdom and the Maldives starting July 24, with a pivotal stop in London to sign the long-anticipated Free Trade Agreement (FTA) between India and the United Kingdom. Commerce and Industry Minister Piyush Goyal will accompany PM Modi, marking a milestone in bilateral relations.

Boosting Bilateral Trade to New Heights

The FTA, concluded on May 6 after extensive negotiations, aims to eliminate duties on key Indian exports such as leather, footwear, and clothing, while reducing import tariffs on British goods including whisky and cars. This agreement is projected to double the bilateral trade volume to an impressive $120 billion by 2030, fostering economic growth and cooperation between the two nations.

Next Steps After the Signing

Following the ceremonial signing, the FTA will undergo the necessary ratification process by the British Parliament and approval from India’s Cabinet. The implementation phase is expected to span approximately a year, setting the stage for a new era of trade and investment opportunities between India and the UK.