In a historic moment for India-UK trade and economic ties, Prime Minister Narendra Modi and his British counterpart Keir Starmer signed the long-awaited Free Trade Agreement (FTA) on Thursday, increasing annual bilateral trade by approximately $34 billion.
As part of the historic FTA, India will lower tariffs on 90% of UK items, while the UK will lower tariffs on 99% of Indian exports, dramatically reducing tariff lines and regulatory procedures across industries.
Our breakthrough trade agreement with India is a significant victory for Britain. “It will create thousands of British jobs across the UK, open up new opportunities for businesses, and drive growth in every corner of the country,” Starmer wrote on X. The agreement aims to make imported items such as Scotch whiskey, gin, luxury automobiles, cosmetics, and medical gadgets more accessible to Indian customers.
With the FTA’s implementation, Indian agriculture goods would have tariff parity with major European exporters such as Germany. Zero tariffs on textiles and leather are expected to boost India’s competitiveness against regional rivals such as Bangladesh and Cambodia. India’s leather business is expected to achieve a 5% market share in the UK during the next two years.
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