Prime Minister Narendra Modi will visit London on July 24 to sign a Free Trade Agreement (FTA) between India and the United Kingdom, according to a report. Commerce and Industry Minister Piyush Goyal will join him during this important visit.
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India and the UK had finished negotiations for the deal on May 6. The trade agreement aims to:
- Remove taxes (duties) on Indian exports like leather, shoes, and clothes
- Lower import taxes on British items such as whisky and cars
This deal is expected to boost trade between the two countries, with a goal of reaching $120 billion in trade by 2030.
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PM Modi’s trip will last four days and will include visits to both the UK and the Maldives. The main focus of the trip is to strengthen partnerships in trade, investment, and defence.
After the signing, the deal will need:
- Approval from India’s Cabinet, and
- Ratification by the UK Parliament
It may take about a year for the agreement to come into effect.
