Historic India-UK Free Trade Pact Set to Supercharge Growth, Jobs, and Innovation

Indian Prime Minister Narendra Modi has welcomed the newly signed India-UK Free Trade Agreement as a "historic milestone" that will unveil a beaming new era in the growth and advancement of the two countries. The pact, signed following 14 rounds of negotiations, reduces tariffs on 90% of goods, including cars, whisky, cosmetics, and medical devices, and is projected to boost bilateral trade by £25.5 billion and add £4.8 billion to the UK economy annually. Nearly all Indian exports will have duty-free access to the UK, and the Double Contribution Convention will be advantageous to Indian professionals by avoiding double social security contributions. Modi said the agreement would enhance the strategic partnership, accelerate investment, jobs, and innovation, and further foster people-to-people links between the two nations.

 

Source: UK Government, Hindustan Times, News18, Times of India