India-UK Free Trade Agreement: A Transformative Opportunity
India's landmark free trade deal with the UK is poised to bring significant economic benefits, especially for agriculture and related sectors. Expected to be signed soon, the agreement aims to eliminate tariffs on nearly all trade lines, opening new market access and reducing duties in key labor sectors.
- Country:
- India
New Delhi's groundbreaking free trade agreement (FTA) with the United Kingdom promises to eliminate tariffs on approximately 99 percent of tariff lines, significantly boosting trade between the two nations. The deal covers nearly 100 percent of trade value, according to sources familiar with the discussions.
The FTA is designed to simplify exports for British companies dealing in whisky, cars, and other products to India. Indian agricultural sectors, including high-value exports like basmati rice and dairy, are notable beneficiaries, supporting India's goal of achieving USD 100 billion in agricultural exports by 2030.
In sectors such as textiles, chemicals, and processed foods, tariffs have been slashed, positioning Indian exporters to gain comprehensive market access. The impending agreement, hailed as the UK's most significant bilateral trade deal post-Brexit, is a strategic catalyst for both nations' economic growth.
(With inputs from agencies.)
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