Accelerating Trade: India-UK Landmark Free Trade Agreement
The India-UK free trade agreement aims to eliminate import duties across various sectors, boosting trade and consumer markets. Experts highlight the deal's potential to double bilateral trade to USD 120 billion by 2030. The agreement arrives amid global trade uncertainties and promises significant benefits for both economies.
- Country:
- India
The recent India-UK free trade agreement is set to transform bilateral trade dynamics by eliminating import duties across crucial sectors. Experts believe this landmark deal will significantly boost trade and consumer markets in both nations.
The agreement, sealed on Tuesday, aspires to double trade to USD 120 billion by 2030. It proposes the removal of taxes on exports of labour-intensive goods from India, such as leather, footwear, and clothing, while making imports of whisky and cars from the UK more affordable.
At a time when global trade faces challenges due to US tariff policies, experts like Krishan Arora and Deep Kapuria highlight the importance of this trade pact. They emphasize its potential to open vast markets and diversify service exports, enhancing bilateral economic integration between the 5th and 6th largest global economies.
(With inputs from agencies.)
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