Historic India-UK Free Trade Agreement: A Game Changer for Global Trade

The India-UK Free Trade Agreement is set to double bilateral trade to USD 120 billion in five years. Commerce Minister Piyush Goyal highlighted its impact on sectors like textiles, engineering, and agriculture. The agreement boosts business certainty and includes provisions for social security benefits for short-term workers in the UK.

The recently signed India-UK Free Trade Agreement (FTA) is a significant milestone, anticipated to revolutionize trade, investment, and service exchanges between the two nations. Commerce and Industry Minister Piyush Goyal hailed the agreement as a 'game changer' shortly after its signing alongside UK counterpart Jonathan Reynolds.

The FTA is set to enhance opportunities in various sectors, including agriculture, engineering, and textiles, with an expected trade surge to USD 120 billion over the next five years. The deal also introduces a Double Contribution Convention, allowing Indian workers in the UK to secure their earnings in provident funds back in India.

Despite pending parliamentary ratification in the UK, the pact enjoys wide bipartisan support, offering businesses a stable environment to commence planning. As supply chains integrate, Goyal foresees the agreement transforming business growth trajectories, creating a new era of collaboration between India and the UK.

(With inputs from agencies.)