8
India-UK FTA: During Prime Minister Narendra Modi’s visit to London, there was a historic signature on the Free Trade Agreement (FTA) between India and Britain. Learn what will happen during this journey.
India-UK FTA: Prime Minister Narendra Modi has reached London on a historic visit to the United Kingdom. The center of this visit is the Indo-Bitten Free Trade Agreement (FTA), which will be signed in London today with the British Prime Minister Kir Stmper. This agreement is considered not only economic but also strategically for both countries. This agreement will give new pace to trade between the two countries, will get relief to consumers and thousands of employment opportunities will be created in Britain.
Possibility of trade of 25.5 billion pounds
The agreement estimates an increase of 25.5 billion pounds in annual bilateral trade between India and Britain. This is Britain’s second largest trading agreement with India after separation from the European Union. Describing it as “historic”, the British PM Keer Stmper said that it will create thousands of jobs across the country and open new avenues for businesses.
Many imported products will be cheap in India
The tariff on expensive products imported from Britain such as luxury cars, beverages, cosmetics and medical equipment will be reduced considerably under FTA. According to sources, an average of 15 percent tax will now be reduced to about 3 percent. This will provide relief to Indian consumers and high-end products will now be more accessible than before.
Export will get a big encouragement
Britain currently imports about 11 billion pounds from India, which is likely to increase further after this agreement. India’s textile, pharma, engineering and IT services will now get better access to the British market. This will benefit Indian entrepreneurs and exporters.
Investment and employment will be promoted
After FTA, British companies have announced several investment schemes in India. About 26 British companies have announced new business in India. Airbus and Rolls-Royce will supply modern aircraft to Indian airlines, most of which will be equipped with Rolls-Royce engines. This will give a new direction to India’s aviation and manufacturing sector.
Launched India-AK 2035 Vision
During Prime Minister Modi’s visit, “India-AK 2035 Vision” documents were also launched, which aims to take the relationship between the two countries to a new level. Under this vision, a roadmap has been prepared to deepen partnership in areas like trade as well as defense cooperation, education, climate change and innovation.
Technology and security will also be discussed
The Indo-UK technology security initiative between PM Modi and Kir Stmper is also set to be negotiated. This discussion will be aimed at strengthening the national security of both countries through new technologies. It is being hoped that it will take further cooperation in the field of cyber security, AI, and data protection.
This agreement between India and Britain will not only strengthen the relations of two countries, but will also strengthen India’s economic and diplomatic status globally. Consumers in India will get cheap products, exporters will get new opportunities, and Britain will get a reliable strategic partner.
Also read: ‘There is something black in pulses’, Rahul Gandhi attacked PM Modi, said-Trump has spoken 25 times, replies not once
