India-UK Free Trade Agreement: Unlocking New Economic Horizons
India and the UK have finalized a free trade agreement aimed at doubling bilateral trade to USD 120 billion by 2030. The pact enhances market access for goods and services across sectors, with specific duty concessions fostering opportunities for both countries, while safeguarding sensitive areas.
- Country:
- India
In a landmark decision, India and the UK have concluded negotiations on a comprehensive free trade agreement designed to significantly boost economic exchanges between the two nations. Beginning in January 2022, these talks aim to double bilateral trade from its current USD 60 billion to USD 120 billion by the year 2030.
The agreement not only provides enhanced market access to a wide array of Indian goods and services entering the UK but also ensures British firms receive similar benefits when engaging in the Indian market. Key Indian sectors, like leather, textiles, and gems, are set to benefit from zero-import duties into the UK, aligning with India's export ambitions.
While both countries have secured advantageous terms in this trade pact, India has wisely safeguarded sensitive sectors by excluding certain agricultural and industrial goods from immediate duty-free access. The agreement also includes notable concessions on Scotch whisky and automotive tariffs, which will be reduced gradually over a ten-year period, benefiting firms such as Tata-JLR.
(With inputs from agencies.)
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