The free trade agreement (FTA) between India and the United Kingdom is on track for signing by the end of July. To give impetus to the process, Commerce Secretary Sunil Barthwal is in London with his official team.
Barthwal has planned to meet UK Secretary of State for Business and Trade Jonathan Reynolds and other British senior officials during his two-day visit to London. The UK and India announced the conclusion of the negotiations on May 6. The trade deal 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.
This deal aims to double trade between the two economies to $120 billion by 2030. The world’s fifth and sixth-largest economies are signing the deal after three years of on-and-off negotiations.
Once the FTA is signed, it is compulsory to be approved by the British Parliament and India’s Cabinet before it can take effect. The proper implementation is likely to take about a year after the signing. The agreement is likely to be signed by the end of July. India’s legal team is also there in London for the legal scrubbing of the text. Prime Minister Narendra Modi has recently invited UK Prime Minister Keir Starmer to India.
