India UK Free Trade Agreement:
India and the United Kingdom have signed a landmark Free Trade Agreement (FTA) that aims to increase trade, investment and job opportunities in both countries. The announcement was made after a phone conversation between Indian Prime Minister Narendra Modi and UK Prime Minister Keir Starmer.
Prime Minister Modi expressed his happiness on social media, saying the agreement is a big step in strengthening the strategic partnership between the two nations. He also mentioned a second agreement called the Double Contribution Convention, which will support economic cooperation. PM Modi invited his UK counterpart to visit India soon.
The FTA will reduce or eliminate import duties on a wide range of goods, making it easier for businesses to trade. In 2023–24, trade between India and the UK reached $21.34 billion, up from $20.36 billion the previous year. Indian exports such as textiles, garments, footwear, marine products, and fruits like grapes and mangoes are expected to benefit under the deal.
In return, the UK will get easier access to the Indian market for goods like Scotch whisky, electric vehicles, chocolates, and lamb meat. The UK is also looking to expand its services in India, especially in sectors like banking, law, insurance, and telecommunications.
The agreement includes 26 chapters covering trade in goods, services, investments, and intellectual property rights. Indian industries are especially hopeful for better access for skilled workers in fields like IT and healthcare in the UK.
UK Prime Minister Keir Starmer said this trade deal is a key part of their “Plan for Change,” which focuses on building a strong and secure economy. His government believes the FTA will help raise living standards and support working people in both countries.
Overall, the deal is seen as a win-win for both nations as it will not only boost economic growth but also strengthen diplomatic ties between India and the UK.
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