It is a comprehensive deal marking the culmination of around 3 year-long negotiation process.
Key Highlights of the India-UK FTA
- Tariff Elimination: On about 99% of the tariff lines covering almost 100% of the trade value, would benefit India.
- Currently, bilateral trade stands at about USD 60 billion.
- Ease the Mobility of Professionals: Including Investors, Intra-Corporate Transferees including their partners/dependent children with right to work; Independent Professionals, etc.
- Double Contribution Convention: Provide exemption for Indian workers temporarily in UK and their employers from paying social security contributions in the UK for three years.
- Opportunities for Talented and Skilled Youth: To gain from UK’s digitally delivered services and advanced digital infrastructure.
- Export opportunities: For sectors such as textiles, marine products, leather, footwear, engineering goods, auto parts, organic chemicals, etc. increasing their competitiveness.
- Benefit Services: Like IT/ITeS, financial services, etc., through new opportunities and jobs.
- Others: Address Non-tariff barriers, promote good regulatory practices, etc.
About FTA
|