India-UK Free Trade Agreement Nears Final Stages

Legal scrubbing of the India-UK Free Trade Agreement is progressing rapidly. Expected to be signed by July, the agreement aims to boost trade to USD 120 billion. Indian Commerce Secretary Sunil Barthwal is in London to expedite discussions. Post-signing, it requires approvals from both countries' legislative bodies.

India and the UK are swiftly moving towards finalizing their Free Trade Agreement (FTA), with legal scrubbing of the text making significant headway, according to an official statement on Tuesday.

To speed up the process, Indian Commerce Secretary Sunil Barthwal is in London, meeting with UK Secretary of State for Business and Trade, Jonathan Reynolds, and other senior British officials. The two nations concluded negotiations on May 6, aiming to double trade to USD 120 billion by 2030, notably removing taxes on labor-intensive product exports like leather, while facilitating cheaper imports of UK whisky and cars.

Barthwal's visit, alongside previous discussions between Commerce and Industry Minister Piyush Goyal and UK officials, highlights the focus on implementation issues. The pact, needing legislative approvals post-signing, underscores the commitment of both the world's fifth and sixth-largest economies to strengthen bilateral trade.

(With inputs from agencies.)