India-UK Historic Trade Pact: A New Era in Bilateral Relations
Prime Minister Narendra Modi and Commerce Minister Piyush Goyal are set to visit London to sign a landmark free trade agreement between India and the UK. The pact aims to eliminate taxes on certain goods, enhance trade relations, and is projected to double trade by 2030.
- Country:
- India
In a significant move to bolster bilateral ties, Prime Minister Narendra Modi and Commerce Minister Piyush Goyal will visit London on July 24 for the signing of a historic free trade agreement with the United Kingdom. This pivotal deal is set to redefine economic relations between India and the UK.
The trade pact, whose negotiations concluded on May 6, aims to remove taxes on the export of India's labour-intensive products like leather, footwear, and clothing. Concurrently, it will ease imports of British whisky and cars, aiming to bolster trade to USD 120 billion by 2030.
As India and the UK prepare for this transformative partnership, the agreement will advance to the British Parliament and India's Cabinet for approval. Enactment is anticipated to follow about a year post-signing, marking a new chapter in India-UK economic relations.
(With inputs from agencies.)
ALSO READ
How Linking Payment Platforms Boosted India’s Digital Economy and Credit Access
Countries which have major contributions to today's global economy not given place at decision making table: PM Modi at BRICS.
Innovative Cow Protection Scheme Fuels Rural Economy in Uttar Pradesh
Big data uncovers deepening discontent in gig economy
Xi Jinping Urges Focus on Real Economy and Traditional Industries
Google News