Groundbreaking India-UK FTA: A New Horizon for Trade
The recently signed India-UK Free Trade Agreement marks a pivotal moment in bilateral trade relations, promising to double current trade figures by 2030. The agreement includes significant benefits for Indian workers, particularly a three-year exemption from UK social security contributions, enhancing India’s presence in the UK market.
- Country:
- India
A landmark free trade agreement between India and the UK, declared as a milestone by the Union Minister Piyush Goyal, promises to broaden market access and eliminate tariffs on key exports, such as British whisky and cars. This agreement is viewed as transformative in strengthening trade relations.
The three-year exemption from social security contributions for Indian workers in the UK is particularly beneficial, reducing costs for both employees and employers. Goyal highlighted how this provision, part of the Double Contribution Convention, represents a significant breakthrough, increasing the attractiveness of jobs in the UK for Indian professionals.
Projected outcomes of the India-UK FTA include a doubling of bilateral trade by 2030, supported by measures like zero-duty access for Indian electronic goods. The deal is also anticipated to drive an expansion in software services and digital trade, facilitating growth for Indian firms in lucrative UK markets.
(With inputs from agencies.)
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