India and UK Set to Seal Historic Trade Agreement
India and the UK are on the verge of signing a Free Trade Agreement aimed at enhancing trade and investment. Expected to conclude next week, the agreement will remove taxes on certain products and facilitate cheaper imports. It requires approval from both governments and will likely be implemented in a year.
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India and the United Kingdom are poised to sign a landmark Free Trade Agreement next week, marking a significant milestone in boosting trade and investment flows between the two nations.
Announcing the conclusion of negotiations on May 6, officials noted the accord aims to eliminate tariffs on labor-intensive exports like leather, footwear, and clothing, while making imports of British whisky and automobiles cheaper. The ambitious goal is to double trade to USD 120 billion by 2030.
Before taking effect, the agreement must undergo legal formalities and secure approval from the British Parliament and India's Cabinet. This process is expected to be completed within a year of signing.
(With inputs from agencies.)
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