More details: Visit websitePM Modi in London Highlights: India and the UK signed a landmark free trade agreement (FTA) on Thursday. The agreement aims to improve market access and boost bilateral trade by around USD 34 billion annually, reported PTI. The agreement was signed in the presence of Prime Minister Narendra Modi and his British counterpart, Keir Starmer.
The trade deal, finalised after three years of negotiations, is expected to benefit 99% of Indian exports from tariffs and streamline the export process for British companies shipping whisky, cars, and other products to India. This will also help expand the overall trade basket, the report said, citing officials.
The FTA with UK is a game changer in trade, investment and services sectors, according to Union Minister Piyush Goyal.
"Truly this is going to be a game changer, in trade, in investments, in the services sector and help both India and the UK grow and our people benefit," Goyal told PTI after signing the agreement.
PM Modi in London LIVE: Speaking on India-UK FTA, Union Minister of Commerce Piyush Goyal told ANI, "The cabinet approval in India has already happened the day before. In UK, it goes through the Parliament. So, I think it will take a few months. But with this certainty, now the industries and businesses can begin their planning and ready their supply chains, work on approvals and ordering...Due to a bipartisan support between both sides, I think it will be approved soon and implemented too."
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