FTA with UK to unlock massive opportunities, boost trade

Zero duty on 99 pc of Indian exports; social security contribution exemption for Indian workers

- AGENCIES

India and the UK have successfully concluded an ambitious and mutually beneficial Free Trade Agreement (FTA), along with a Double Contribution Convention in a historic deal that will open up massive export opportunities for many labour-intensive sectors in India.

The conclusion of FTA was announced by Prime Minister Narendra Modi and his UK counterpart Sir Keir Starmer.

The Commerce and Industry Ministry said in a release that the "historic and ambitious deal" will boost jobs, exports and national growth.

It said that 99 per cent of Indian exports will benefit from zero duty and the agreement will provide significant boost to trade in services, such as IT/ITeS, financial services, professional services, other business services and educational services.

The Commerce Ministry said that the forward-looking Agreement is aligned with India's vision of Viksit Bharat 2047 and complements the growth aspirations of both the countries.

The engagement builds upon the discussions held between the two Prime Ministers on the sidelines of the G-20 Summit in Rio de Janeiro, Brazil, in November 2024.