UK-India FTA: A Gateway to Economic Growth and Global Trade Advantage

The UK-India Free Trade Agreement is poised to enhance economic growth for both nations. Projected to be a game-changer, the agreement is expected to save British businesses up to GBP 900 million annually in tariffs and increase bilateral trade by GBP 25.5 billion, boosting UK GDP and wages.

The UK and India have recently concluded a momentous Free Trade Agreement (FTA), predicted to significantly boost economic growth and provide British businesses with a competitive edge on the global stage. The UK-India FTA is being hailed as a transformative milestone in the UK's trade strategy.

According to the Department for Business and Trade, the newly outlined trade strategy emphasizes the significant savings British companies stand to gain, estimating a reduction of GBP 400 million in tariffs initially, with the potential to double over the next decade. Additionally, British Prime Minister Keir Starmer highlighted the deal as central to securing more jobs and opportunities in the UK.

Looking ahead, the India-UK FTA promises to slash tariffs on key products, improve service commitments, and substantially elevate bilateral trade and GDP. Official signing is anticipated next month, marking a crucial step towards realizing the full potential of this strategic economic partnership.

(With inputs from agencies.)