Historic UK-India Free Trade Agreement Opens New Market Opportunities
India and the UK have signed a landmark free trade agreement that will allow 99% of Indian exports to enter the UK duty-free, while reducing tariffs on British goods. The deal, aiming to double trade to USD 56 billion by 2030, facilitates various consumer goods exchanges and focuses on key sectors like textiles and engineering.
- Country:
- United Kingdom
On Thursday, India and the UK forged a pivotal free trade agreement, set to transform economic ties between the two nations. Implementation from next year will see 99% of Indian exports entering the UK market duty-free while easing tariffs on UK exports to India like cars and whisky.
The agreement seeks to double the current USD 56 billion trade volume by 2030, providing notable access for Indian textiles, footwear, and gems, while UK products such as medical devices and aerospace parts reach Indian consumers more affordably.
Prime Minister Narendra Modi hailed the accord as a 'blueprint for shared prosperity.' The deal also delineates notable concession terms in industries like agriculture and services, potentially setting a precedence for future trade negotiations, including with the European Union.
(With inputs from agencies.)
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