Union Cabinet approves free trade deal with UK, to be signed during PM Modi’s visit: Report
The PTI approved the free trade agreement between India and England, which will be signed in London on Tuesday, Tuesday, Tuesday. The official agreement, which is officially called a comprehensive economic and trade agreement, will be signed during the visit of Prime Minister Narendra Modi to London. Here’s more.
England PM Keir Starmer and PM modi.
On Tuesday, the cabinet approved the free trade agreement between India and England, which will be signed in London on July 24th. The official agreement, which is officially called a comprehensive economic and trade agreement, will be signed during the visit of Prime Minister Narendra Modi to London. Prime Minister Modi’s four -day visit to the United Kingdom and Maldives begins on Wednesday. Trade and Industry Minister Piyush Goyal will accompany the Prime Minister. The two countries announced on May 6 that the negotiations of the trade agreement were concluded.
The trade pact proposes to remove taxes on the export of labor -intensive products such as leather, shoes and clothes in order to trade twice between the two economies between the two economies between $ 120 billion and $ 120 billion between $ 120 billion by 2030. The text of the agreement is usually signed by trade ministers from both countries.
Once the Free Trade Agreement has been signed, the British Parliament will have to be approved before entering into force. The two countries also completed the negotiations for the double contribution contract contract or the social security pact. It will help to contribute twice to social security funds by Indian professionals working in the UK for a limited period of time. However, the Bilateral Investment Agreement (BIT) negotiations still continue. FTA enters into force after the signing and approved of both countries.
In such trade agreements, it eliminates or significantly reduces customs duties on maximum goods traded between the two countries. They also facilitate norms to promote trade and bilateral investments in services. India’s exports to the UK increased by 12.6 percent to USD $ 14.5 billion, while imports increased by 2.3 percent in 2024-25. The bilateral trade between India and England rose from USD $ 20.36 billion in 2022-23 in 2023-24 to USD $ 21.34 billion.
(Except the title, this story is not organized by DNA staff and published from the news agency PTI).
