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India-UK Free Trade Agreement: Prime Minister Narendra Modi arrived on a visit to the United Kingdom on Wednesday, which is ready to further strengthen bilateral relations by signing a historic free trade agreement.
PM Modi landed in London for a two -day visit to the United Kingdom.
PM Modi will discuss with his UK equivalent Kir stormer. The two leaders will have the opportunity to further increase the economic partnership with the aim of promoting prosperity, development and construction of jobs in both countries.
The Prime Minister is expected to sign a historic free trade agreement with the UK to target the trade between the two countries.
Provision in India-UK Free Trade deal
According to officials, after a three -year conversation, the trade deal is expected to ensure wide market access to Indian goods in all fields, and India will benefit from eradication of tariffs on about 99 percent tariff lines (product categories), covering about 100 percent trade values.
India-UK FTA is likely to sign
Commerce Minister Piyush Goyal and his British counterpart Jonathan Reynolds are likely to sign the FTA in the presence of two Prime Ministers on Thursday, with people acquainted with the case.
What is India-UK FTA?
Earlier in May, India and the UK had sealed the Free Trade Agreement, which is expected to benefit 99 percent of Indian exports from tariffs and it would make it easier for British firms to export whiskey, cars and other products to India, in addition to promote overall trade baskets.
PM Modi’s departure speech
In his departure statement, Modi said that India and Britain shared a comprehensive strategic partnership that has seen significant progress in recent years.
He said, “Our cooperation spreads a wide range of areas including business, investment, technology, innovation, defense, education, research, stability, health and people from people to people,” he said.
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