New Delhi, 7 May (IANS). India and the United Kingdom have signed a historic Free Trade Agreement (FTA), which is important in quantity of quantity, including 90 percent of tariff lines cut. This information was given in a report by I SBI on Wednesday.
The FTA indicates a new global trade strategy that controls the American tariff bypassing dependence on China.
The FTA remains in the backdrop of growing economic relations between India and the UK, as is given an example in a bilateral trade of about 60 billion dollars, which is estimated to double by 2030.
In FY 2025, India’s exports overtook the decline of 6.1 percent in imports.
According to the report of the Economic Research Department of State Bank of India, this FTA related to goods, services and technology attempts to promote inclusive development, strong supply chain and employment generation.
Liberalization in UK areas such as IT, finance, education and consumer goods reveal labor-intensive export capability in Indian industries such as textiles, toys, marine products and auto components.
“While the migration policy remains stable, the agreement enables selective professional dynamics,” the report said.
Telecom and renewable, digital trade facility, emphasis on green goods, mutual social security system and class-2 suppliers are included in the UK access milestones to the Indian public procurement.
At the same time, India is carrying forward negotiations with the European Union, Australia, Peru, Sri Lanka and Oman and reviewing the current agreements with South Korea and ASEAN.
The report said, “India-UK FTA is not just a transaction agreement, but an important moment in the development of 21st century trade philosophy.”
India has signed 13 FTAs with its business partners, including India-EU FTA, India Australia Comprehensive Economic Cooperation Agreement (CECA), India-Mero Trade Agreement, including goods, services and investment, India-Sri Lanka Economic and Technical Cooperation Agreement (ETCA) and India-Oman FTA.
-IANS
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