23 October 2023, Mumbai
Why India
India and the UK are close to finalizing a free trade deal that could boost trade between the two countries by $5 billion, according to a research group.
The deal is expected to be finalized by the end of this year and will cover most of the goods and services traded between the two countries.
Nuanced deal
The new deal is expected to be particularly beneficial for sectors like textiles, leather, and footwear, as it will lower tariffs on these goods. India currently exports more than $11 billion worth of goods to the UK every year, and more than half of them are already duty-free.
Historic Moments
The new deal is also expected to boost India's total trade, which crossed $800 billion in the first six months of 2023. Exports grew by 1.5 percent to $385.4 billion during this period.
The free trade deal is a significant development for both India and the UK.
Boosting Trade & Creating Jobs; It will help to strengthen the economic ties between the two countries and create new jobs and opportunities.
5 key insights:
- Deal boost trade ($5 billion)
- Textiles, leather, footwear (sectors to benefit)
- $11 billion worth of goods (exported to UK annually)
- $800 billion trade (first six months of 2023)
- Stronger ties, new jobs (for both countries)
