FTA News

Gurmeet Singh, a farmer who shared his thoughts on the deal, said it will not only raise incomes but also help farmers move away from traditional cropping patterns towards more profitable options like horticulture and oilseed cultivation.

A key feature of the agreement is a significant reduction in tariffs, with India’s average tariff on UK products coming down from 15% to just 3%. This will help Indian consumers and industries to access UK-made products, including medical devices and aerospace components, at more affordable prices, enhancing choice and competitiveness.

As part of the landmark FTA, India will cut tariffs on 90 per cent of the UK products, while the UK will reduce duties on 99 per cent of Indian exports, significantly cutting tariff lines and regulatory processes across sectors.

This free trade agreement (FTA) will increase annual bilateral trade by about $34 billion. Under this historic FTA, India will cut duties on 90 percent of UK products, while the UK will reduce duties on 99 percent of India's exports.

Notably, Prime Minister Modi’s visit to the UK comes amid speculation that the two countries may formally sign the landmark India-UK free trade agreement.

The visit will also see her participating in the India-UK Economic and Financial Dialogue, where key issues like market access for goods and services, dispute resolution mechanisms, and financial services will be on the agenda.

The Minister's visit will be focused on the ongoing FTA negotiations between India and the UK besides discussing progress on a trade pact with ministers from the European Free Trade Association (EFTA) member countries, the commerce ministry said. 

India's exports increased to USD 4.1 billion in 2022-23 from USD 3.74 billion in 2021-22. However, imports from that country declined to about USD 2 billion against USD 3.5 billion in 2021-22. Fertiliser, crude oil, chemicals, raw cotton, and raw hides are major import items from Egypt.

UK High Commissioner says that India is going to become the third largest economy by the end of the decade The Commissioner said this in the India-UK business outreach trade and investment alliances program in New Delhi “The FTA will create more jobs, more growth, and more opportunities for India to grow and develop” he added

Conservative MP Sir Edward Leigh asked Johnson if a relaxation of visa controls from India was in the works to secure a trade agreement.

Pakistan slashed import tariffs on 6000 items. Now, there is no need for China to manufacture them in Pakistan, posing a threat to the SEZs set up along CPEC.

The government has recently imposed restrictions on imports of the precious metal from South Korea on account of jump in gold imports from that country.

The UK is "eager" to have a free trade agreement (FTA) with India as the pact is expected to further boost economic ties between the two.

 Government is reviewing FTAs that India has signed with trading partners after the industry voiced concerns about benefits of these pacts for domestic players.

India is hoping to soon begin formal negotiations for a free trade agreement with the Eurasian Economic Union with a view to enhance commerce and investment between the two regions.

Zee News was founded in 1999 and is national Hindi news and current affairs channel.

Email and SMS queries to former IPL commissioner about the notifications elicited no response.

Days after Prime Minister Narendra Modi's meeting with EU leaders in Belgium, India today said it is keen to sign the free trade pact with the 28-nation bloc at the earliest and will soon approach the authority for a meeting of chief negotiators