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India and UK Seal Historic Free Trade Pact, Likely to Increase Bilateral Trade by £25.5 Billion

Updated: May 06, 2025 18:45

Image Source : diplomatist.com
India and the United Kingdom have successfully signed a historic Free Trade Agreement (FTA) in a historic bilateral economic achievement. The announcement of the agreement was made by Prime Minister Narendra Modi, who said that the pact is likely to increase trade, investment, and job opportunities in both economies.
 
Tariff Reductions & Trade Expansion
  • India will reduce tariffs on UK imports, with some items becoming tariff-free in a decade.
  • Tariffs on whisky and gin will be reduced to 75%, and auto tariffs will be lowered under a quota regime.
Economic Impact & Growth Projections
  • The UK-India agreement is set to increase UK GDP by £4.8 billion a year by 2040.
  • Bilateral trade between the two countries is set to rise by £25.5 billion a year by 2040.
Strategic Partnership & Investment Opportunities
  • The pact solidifies the Comprehensive Strategic Partnership, enhancing economic cooperation and innovation.
  • The pact encompasses a Double Contribution Convention, averting double taxation of Indian professionals in the UK.
Negotiation Process & Finalization
  • The FTA was concluded following 14 rounds of negotiations, a testimony to intense diplomatic efforts.
  • The UK and India look to double trade in goods in bilateral trade within the next 10 years, exceeding the existing $20 billion figure.
Future Outlook & Market Implications
  • The deal is likely to speed up trade liberalization, favoring major sectors like manufacturing, technology, and services.
  • Both countries expect more foreign direct investment (FDI), bolstering economic stability and growth.
This historic trade deal reflects India and the UK's commitment to economic cooperation, setting the stage for long-term prosperity.
 
Sources: Economic Times, Moneycontrol, Firstpost, India TV News

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