Historic India-UK Free Trade Agreement Signed

Union commerce and industry minister Piyush Goyal praised the newly signed free trade agreement (FTA) with the United Kingdom, calling it a significant step towards the dream of Viksit Bharat. The agreement, signed in the presence of Prime Minister Narendra Modi and UK PM Keir Starmer, is set to revolutionize trade between the two nations.

Game-Changing Benefits for India

Goyal highlighted that 99% of India's exports to the UK will now be duty-free, offering immense opportunities for farmers, businessmen, MSMEs, youngsters, and fishermen. This FTA is described as the most comprehensive and important signed so far, tailored to India's terms.

Boosting Bilateral Trade to $120 Billion by 2030

The agreement aims to double the current trade volume between India and the UK, setting a target of $120 billion by 2030. This strategic move is expected to complement India's economic growth and its vision of becoming a $5 trillion economy by 2027.

Criticism of Past Trade Strategies

Goyal took a swipe at the previous UPA government's trade agreements, contrasting them with the current administration's approach. He emphasized that the Modi government's FTAs are designed with countries that complement rather than compete with India, marking a new era in India's trade policy.