Will Piyush Goyal Join PM Modi's Team for the UK Free Trade Agreement Signing This Week?
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Synopsis
Join us as Prime Minister Modi leads the charge to strengthen India-UK ties with a free trade agreement expected to double trade to $120 billion by 2030. Minister Piyush Goyal will be pivotal in this historic signing in London. Discover how this agreement opens vast opportunities for both nations.
Key Takeaways
- Free Trade Agreement (FTA) to double trade between India and the UK to $120 billion by 2030.
- 99% of Indian exports to the UK will benefit from zero duty.
- Significant opportunities for textiles, marine products, and leather goods.
- Boost in trade for IT, financial, and educational services.
- Exemption for Indian workers from social security contributions in the UK for three years.
New Delhi, July 21 (NationPress) - The Commerce and Industry Minister, Piyush Goyal, is set to join Prime Minister Narendra Modi on his visit to London for the signing of the free trade agreement between India and the UK this week, as confirmed by a senior official on Monday.
PM Modi will embark on an official trip to the United Kingdom from July 23 to 24, following an invitation from UK Prime Minister, Keir Starmer. This will be Modi's fourth visit to the UK.
On May 6, PM Modi and Prime Minister Starmer announced the successful conclusion of the India-UK Free Trade Agreement (FTA), which aims to double trade between the two nations to $120 billion by the year 2030.
The agreement was finalized after a phone call between the two Prime Ministers. Under this FTA, 99 percent of Indian exports to the UK will enjoy the benefit of zero duty, according to an official statement.
This deal presents tremendous export potential for India's labor-intensive sectors, including textiles, marine products, leather goods, footwear, sports equipment, toys, gems and jewelry, as well as engineering products, auto components, and organic chemicals, as stated.
Moreover, the agreement is expected to significantly enhance trade in services such as IT/ITeS, financial services, professional services, and educational services.
India has also managed to secure an exemption for Indian workers temporarily in the UK and their employers from paying social security contributions in the UK for three years under the Double Contribution Convention. This will greatly enhance competitiveness for Indian service providers in the UK, ensuring stronger strategic alignment and improved global mobility for ambitious young Indians.
Additionally, the FTA will allow some British goods, including whisky and electric vehicles, to enter the Indian market with reduced tariffs.
During his visit, the Prime Minister is expected to hold extensive discussions with Starmer on various aspects of India-UK bilateral relations and share insights on significant regional and global challenges.
Point of View
It is evident that the India-UK free trade agreement signifies a major milestone in enhancing bilateral relations. The proactive engagement by both nations demonstrates a commitment to mutual growth and development, benefiting diverse sectors across the board. This strategic partnership is poised to create substantial economic opportunities while fostering a robust framework for cooperation.
NationPress
21/07/2025
Frequently Asked Questions
What is the purpose of the India-UK Free Trade Agreement?
The India-UK Free Trade Agreement aims to double trade between the two countries to $120 billion by 2030, enhancing economic cooperation and providing significant opportunities for various sectors.
What sectors will benefit from the FTA?
The FTA will benefit labor-intensive sectors in India such as textiles, marine products, leather, and also enhance trade in services like IT, financial services, and education.
How will Indian workers benefit from this agreement?
Indian workers temporarily in the UK will be exempt from paying social security contributions for three years, enhancing their competitiveness in the UK job market.
What goods will see reduced tariffs under the FTA?
The agreement will allow British goods like whisky and electric vehicles to enter the Indian market with reduced tariffs.
When will PM Modi's visit to the UK take place?
PM Modi's visit to the UK is scheduled for July 23 to 24, where he will sign the free trade agreement.
