The free trade agreement allows tariff exemptions for 99 per cent of Indian exports to the UK and makes it easier for Britain to import whisky, cars and certain products to the country
Indian Prime Minister Narendra Modi has one more feather in his cap after the country signed a landmark free trade agreement (FTA) with the United Kingdom in his presence at London on Thursday.
The free trade pact, formalised in the presence of Modi and British PM Keir Starmer, is touted to exempt 99 per cent of Indian exports from tariffs and make it easier for UK firms to import whisky, cars and other products to India.
The FTA comes after three years of intense and comprehensive negotiations.
Earlier in the day, Starmer hosted Modi at Chequers, the country residence of the British PM, where the two leaders held a tete-a-tete before serious talks. The formalisation of the FTA is said to be the key highlight of Modi’s two-day trip to the UK. The free trade pact with India is the biggest the UK has inked since leaving the European Union. Apart from the FTA, India and the UK also sealed a double contribution convention, which means that employers of Indian workers are exempt from paying social security contributions in the UK.
[This is a developing story]
