The FTA between India and the UK was sealed in May this year and is the biggest FTA the UK has done since leaving the European Union.
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The Free Trade Agreement (FTA) between India and the United Kingdom got the nod from the Union Cabinet led by Prime Minister Narendra Modi, sources said on Wednesday, adding that the much-awaited formal signing of the pact will be held during PM Modi’s visit to London on 24 July. PM Modi will begin his two-day visit to the United Kingdom on Wednesday.
When asked whether the FTA will be formally signed during PM Modi’s visit to the UK, Foreign Secretary Vikram Misri on Tuesday had said that “last-minute” work on it is continuing. “We are continuing to work on those and last-minute work on that is continuing,” he said.
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The trade deal, firmed up after three years of negotiations, is expected to ensure comprehensive market access for Indian goods across all sectors and India will gain from tariff elimination on about 99 per cent of tariff lines (product categories) covering almost 100 per cent of the trade values, according to officials.
The two sides also sealed a double contribution convention. It provides for exemption for employers of Indian workers from paying social security contributions in the UK.
