Historic Free Trade Pact Boosts India-UK Economic Ties

India and the UK have signed a historic free trade agreement expected to enhance trade by at least USD 20 billion and create new job opportunities. The agreement significantly cuts tariffs on various goods. This milestone pact is the UK's largest post-Brexit agreement and India's first with a European economy.

The historic signing of a free trade agreement between India and the UK is set to accelerate bilateral trade by a minimum of USD 20 billion, generating new employment opportunities, according to Vedanta Group Chairman Anil Agarwal.

On Thursday, the world's fifth and sixth largest economies formalized a groundbreaking deal that will reduce tariffs on products ranging from cosmetics and textiles to whisky and automobiles, providing broader market access for enterprises in both nations. The agreement was finalized during Prime Minister Narendra Modi's visit to the UK.

Agarwal congratulated both PM Modi and UK Prime Minister Keir Starmer on this significant accomplishment, highlighting the prolonged efforts culminating in this landmark deal. According to Agarwal, the free trade agreement will prove mutually beneficial, spurring economic activity and fostering entrepreneurial prospects in both countries. The initiative marks the UK's largest trade accord since Brexit and India's inaugural agreement with a European economy, setting the stage for expanded commerce between the two powers.