Historic India-UK Trade Agreement to Boost Economic Ties
On May 6, India and the UK finalized a free trade agreement that removes taxes on key Indian exports and reduces costs on British whisky and cars. Valued at USD 120 billion by 2030, the pact awaits legal finalization. It enhances workforce mobility and doubles bilateral trade.
- Country:
- India
India and the UK are on the verge of signing a landmark free trade agreement aimed at doubling bilateral trade to USD 120 billion by 2030. Finalized on May 6, the pact is set to enhance economic ties between the two nations.
The deal eliminates tariffs on 99% of Indian exports to the UK, including leather, footwear, and apparel, while slashing duties on British whisky and cars. This is expected to stimulate both economies by making each other's goods more affordable.
Negotiations, which began in January 2022, have concluded successfully after overcoming several hurdles. The agreement also allows Indian professionals to work in the UK without altering its point-based immigration system, further strengthening bilateral relations.
(With inputs from agencies.)
ALSO READ
RITES Ltd Eyes Record Growth with Aggressive Export Strategy
Zoff Foods: Spicing Up the Offline Market and Global Exports
Bangladesh should not assume Northeast as a captive market for its exports: Sources.
India's Smartphone Export Boom: A New Export Powerhouse
India's decision to restrict select Bangladeshi exports is aimed at restoring equality and fairness in bilateral trade: Sources.
Google News