India-UK Seal Historic Free Trade Agreement

India has concluded its 16th Free Trade Agreement with the UK, aiming to boost bilateral trade. These agreements provide preferential market access to over 90 countries and involve reducing customs duties and non-tariff barriers. India continues to negotiate with multiple partners like the US, EU, and Israel.

India has successfully finalized its 16th Free Trade Agreement (FTA), this time partnering with the United Kingdom, in a strategic move aimed at enhancing bilateral trade and investment. This agreement is part of India's broader strategy to increase economic integration globally.

Since 2014, India has signed FTAs with Mauritius, the UAE, Australia, and the EFTA, expanding its preferential relationships and providing zero-duty entry to markets in over 90 countries. These agreements help in expanding export markets, securing foreign investments, and providing a competitive edge internationally.

Currently, India is in ongoing negotiations for new trade agreements with nations including the US, EU, Oman, Peru, and Israel. Efforts for an agreement with Canada have been paused due to political considerations. FTAs, while eliminating or reducing tariffs, entail the payment of other domestic taxes, ensuring long-term benefits for the involved economies.

(With inputs from agencies.)