FTA with UK comes into effect today, exports to get a boost
A new free trade agreement between India and the UK has officially come into effect, aiming to boost bilateral trade to $100 billion within four years. The deal includes duty cuts on a vast majority of products and facilitates easier access for service providers.
Why it matters
This agreement is expected to significantly enhance Indian exports and strengthen economic ties between the two nations by reducing tariffs and streamlining professional visa regimes.
NEW DELHI: After years of negotiations and an over year-long implementation process, the free trade agreement between India and the UK is set to be rolled out Wednesday, opening up the possibility of Indian exporters competing more favourably with shipments from Bangladesh and China, and allowing greater access to Indian service providers and professionals."The target is that in the next three-four years, we will be able to reach $100 billion," commerce secretary Rajesh Agrawal told reporters, ahead of the implementation of Comprehensive Economic and Trade Agreement.While Indian textiles, food products, leather and footwear, engineering goods and ph-arma will be among the major gainers from the zero-tariff regime in the UK that kicks in for nearly all products, barring 117, govt has agreed to remove or reduce duties on 89.5% of the 12,000 products.
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