New Delhi: India and the United Kingdom on Thursday signed a landmark Free Trade Agreement (FTA), aimed at boosting employment and expanding business opportunities across both nations. The pact was finalised after a meeting between Prime Minister Narendra Modi and his British counterpart, Keir Starmer.
Commerce minister Piyush Goyal and UK trade secretary Jonathan Reynolds inked the agreement in the presence of both leaders.
The FTA is expected to significantly benefit Indian farmers, as agricultural and processed food products will now enjoy duty-free access to UK markets. Products such as turmeric, pepper, cardamom, mango pulp, pickles, and pulses are among those that will enter Britain without tariffs, giving Indian exporters a competitive edge over their European counterparts.
According to reports, India’s average tariff on UK goods will be slashed from 15 per cent to 3 per cent under the FTA. The pact is expected to double bilateral trade to $120 billion by 2030.
