By Admin 
Uk inddia free trade agreement: India and Britain approved the historic free trade agreement after a long conversation lasted for nearly 3 years. The world’s fifth major economy India and the sixth major economy Britain were announced on Tuesday to conclude the trade agreement. PM Modi announced the completion of these agreements after talking on the phone to British Prime Minister Care Stmper.
Describing it as a ‘historic milestone’, PM Modi said that India-Britain has successfully completed an ambitious to-interesting free trade agreement (FTA) with a double contribution agreement. He said that these historical agreements will deepen our broad strategic partnership. Also, will promote trade, investment, development, employment generation and innovation in the economies of both countries. ”
What will happen with the agreement?
The ‘historic’ trade agreement will remove the duty on export of labor-bound products such as leather, shoes and clothing, while the imports of whiskey from Britain will be cheaper. With this agreement, trade between the two economy is expected to double $ 120 billion by the year 2030.
On implementation of FTA, 99 percent of Indian products in the UK market will be zero, while Indian workers will be allowed to travel without changes in Britain’s immigration system. Apart from this, taxes will be cut on the export of Indian textiles, frozen shrimp, jewelery and gems.
Fee cut on whiskey from Britain
Similarly, import duty of whiskey and gin liquor varieties from Britain will also be cut. The duty on import of vehicles under the quota of both sides will be 10 percent, which will benefit vehicle companies like Tata-JLR. Indian products entering zero charges in the UK include minerals, chemicals, gems and jewelery, plastic, rubber, wood, paper, clothes, glass, ceramic, mechanical and electric machinery, weapons/ammunition, transport/vehicle, furniture, sports goods, animal products and processed foods.
Under the FTA, two countries either eliminate the customs duty on the trade of maximum products or reduce them significantly. Apart from this, the criteria to promote business in services and bilateral investment are also made easier. Bilateral trade between India and Britain stood at $ 21.34 billion in FY 2023-24. In the first 10 months of FY 2024-25, the trade of goods stood at $ 21.33 billion.
There is no concession in apple-paneer
Under the Free Trade Agreement, India will not give any concession to Britain in import duty on sensitive agricultural commodities like dairy products, apples and cheese. About 10 percent fees lines are in the list of sensitive goods. News agency PTI quoted official sources as saying that agricultural products, dairy products, apples, cheese etc. have been excluded from any fee concession. This will help India to protect the interests of its farmers.
India has also not paid any fee concession in the dairy sector to Switzerland and Norway under the EFTA (European Free Trade Association) Trade Agreement signed in March last year. The Britain was expecting some fees concessions on these products in view of the huge market of India. The country has about 30 percent import duty on milk and milk products.
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