India-UK FTA: A New Era of Economic Partnership

India and the United Kingdom have signed a landmark Free Trade Agreement (FTA), endorsed by Union Commerce Minister Piyush Goyal as 'fantastic.' This agreement promises to bolster economic ties, protect sensitive Indian sectors, while opening avenues for growth, especially for labour-intensive industries and professional services.

The agreement excludes sensitive sectors like dairy, rice, and sugar from tariff cuts, thereby securing the interests of Indian farmers and MSMEs. Meanwhile, sectors such as textiles, footwear, and pharmaceuticals are set to gain unprecedented duty-free access to the UK market, driving significant economic benefits for India.

The FTA also simplifies visa procedures for Indian professionals and exempts them from certain UK social security contributions. This move enhances the appeal of Indian talent in the UK, while ensuring their financial contributions are preserved in India. With the shared goal of doubling trade by 2030, this partnership marks a significant step in enhancing bilateral economic engagement.

(With inputs from agencies.)