India, UK Ink Landmark Trade Deal
(MENAFN) India and the United Kingdom finalized a multi-billion-dollar Free Trade Agreement (FTA) in London on Thursday, during a high-level meeting between Prime Ministers Narendra Modi and Keir Starmer.
Both leaders celebrated the accord, with Modi describing it as a “milestone moment,” and Starmer hailing it as “the biggest and most economically significant” trade pact Britain has entered into since its departure from the European Union.
Expressing his satisfaction, Modi stated, “I am delighted that after the hard work of several years, today our two nations have signed the Comprehensive Economic and Trade Agreement.”
He highlighted that the accord would uplift vital Indian industries, particularly textiles, footwear, gems and jewelry, seafood, and engineering goods.
As part of the arrangement, India has consented to cut its average import duties on British goods from 15% to just 3%.
This tariff reduction is expected to make UK products — including gin and whisky, electronics, healthcare devices, beauty products, chocolates, and high-end automobiles — significantly more affordable for Indian consumers.
According to Indian Commerce Minister Piyush Goyal, “Duty-free access for about 99% of Indian exports unlocks nearly $23 billion in opportunities for labour-intensive sectors, marking a new era for inclusive and gender-equitable growth,” he said on X.
This development is seen as a major win for India's export-driven industries.
Figures from UK Trade and Investment reveal that trade between the two nations reached $57.7 billion in 2024.
Both governments have set an ambitious target to elevate this bilateral commerce to $120 billion by the year 2030.
In addition to goods, the agreement is expected to significantly benefit India’s services sector.
Fields such as information technology (IT), IT-enabled services (ITeS), financial and professional services — including consultancy, architecture, and engineering — as well as educational services, are all poised to gain from improved market access and reduced barriers.
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