NEW DELHI: A comprehensive trade agreement between India and the UK took effect on Wednesday, slashing tariffs on 99 percent of Indian exports and creating new opportunities for labor-intensive sectors in the world’s most populous country.
The India-UK Comprehensive Economic and Trade Agreement was signed last July after talks stalled for years following the launch of negotiations in 2022.
The pact removes or reduces tariffs on about 99 percent of Indian exports to the UK and 90 percent of UK imports into India, making it one of Delhi’s “most comprehensive” free trade agreements yet, Commerce Minister Piyush Goyal said.
“The India-UK FTA creates unprecedented opportunities for our textiles, leather, gems & jewelery, engineering goods, marine products, chemicals, processed foods, MSMEs, farmers and manufacturers,” he said on X.
“It also opens new frontiers for our IT, professional, financial, education and business services sectors, while expanding mobility for Indian talent.”
