Latest News | India, UK Free Trade Agreement Likely to Be Signed Soon

New Delhi, May 15 (PTI) The free trade agreement concluded between India and the UK on May 6 is expected to be signed soon, a commerce ministry official said on Thursday.

India and the UK clinched a trade deal that will remove taxes on the export of labour-intensive products such as leather, footwear and clothing, while making imports of whisky and cars from Britain cheaper, in a bid to double trade between the two economies to USD 120 billion by 2030.

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The world's fifth and sixth-largest economies concluded the deal after three years of on-off negotiations.

The pact lowers tariffs on 99 per cent of Indian goods to zero in the UK market while allowing Indian workers to travel to the UK for work without changing Britain's point-based immigration system.

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"The agreement is expected to be signed soon," the official said.

The deal is going through the process of legal scrubbing, which is likely to be completed in about three months.

The talks for the pact started in January 2022.

The bilateral trade between India and the UK increased to USD 21.34 billion in 2023-24 from USD 20.36 billion in 2022-23.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)