India-UK Seal Historic Free Trade Deal: A Leap Towards Economic Prosperity

India and the UK finalized a groundbreaking Free Trade Agreement aimed at boosting exports, jobs, and economic growth. This historic accord eliminates tariffs on 99% of Indian exports and secures social security exemptions for Indian workers in the UK. Key sectors set to benefit include IT, finance, textiles, and engineering.

In a historic development, India and the United Kingdom have successfully clinched a comprehensive Free Trade Agreement (FTA), alongside a Double Contribution Convention. The deal, announced by Prime Minister Narendra Modi and British counterpart Sir Keir Starmer, promises substantial export opportunities for India's labor-intensive sectors.

The Indian Commerce and Industry Ministry hailed the 'ambitious deal' as a boost for jobs, exports, and national economic growth. With the agreement, 99% of Indian exports are expected to benefit from zero duty, marking a significant enhancement in trade, particularly in sectors such as IT/ITeS, financial services, and education.

Aligned with India's vision of Viksit Bharat 2047, the forward-looking agreement was forged after intensive negotiations post the discussions at the G-20 Summit in Rio de Janeiro. This landmark FTA ensures comprehensive market access across sectors, seeking to deepen India-UK trade relations by doubling bilateral trade to USD 60 billion by 2030.

(With inputs from agencies.)