India-UK Free Trade Agreement Signed After Three Years of Negotiations

After more than three years of intensive negotiations, India and the United Kingdom have formally signed a comprehensive Free Trade Agreement (FTA) that covers goods, services, investment, intellectual property, and digital trade.

The agreement, signed by Commerce Minister Piyush Goyal and UK Trade Secretary Kemi Badenoch in New Delhi, is expected to increase bilateral trade from the current $42 billion to over $70 billion within five years.

Key provisions include the elimination of tariffs on 85% of UK goods entering India over a 10-year period, improved market access for Indian IT and pharmaceutical companies in the UK, and mutual recognition of professional qualifications in select fields.

"This is a new chapter in India-UK economic relations," said Prime Minister Modi. "The FTA reflects the depth and breadth of our strategic partnership."

UK Prime Minister's office described the deal as "the most significant trade agreement since Brexit," noting that it will particularly benefit UK financial services, education, and green technology exports to India.