Landmark India-UK Trade Pact to Boost Economic Ties

In a significant move to strengthen bilateral economic relations, India and the United Kingdom have finalized a landmark trade deal designed to eliminate tariffs on Indian exports such as leather, footwear, and clothing. The agreement also offers favorable terms to British imports, notably whisky and automobiles, significantly reducing their cost in the Indian market.

The pivotal agreement comes after three years of intermittent negotiations between the world's fifth and sixth-largest economies. Aiming to double trade volume to USD 120 billion by 2030, the treaty paves the way for enhanced economic cooperation by reducing tariffs on 99 percent of Indian goods to zero in the UK market.

In addition to trade benefits, the pact facilitates the movement of Indian workers to the UK without altering its existing point-based immigration system. Export promotion councils and the Federation of Indian Export Organisations will deliberate on further implications with India's commerce ministry officials in an upcoming meeting.

(With inputs from agencies.)