London: India and the United Kingdom on Thursday signed a landmark Free Trade Agreement (FTA) aimed at significantly improving market access and increasing bilateral trade to around USD 34 billion annually.
The agreement was formalised in the presence of Prime Minister Narendra Modi and his British counterpart Keir Starmer.
Officials said the FTA is expected to benefit 99 per cent of Indian exports by removing taxes, while making it easier for British firms to export whiskey, cars, and other products to India, boosting the overall trade basket.
The trade deal, finalised after three years of negotiations, will ensure wider market access for Indian goods across all sectors.
India will benefit from the abolition of taxes on about 99 per cent of the tax lines, covering nearly 100 per cent of commercial values, officials added.
