India signed a long-awaited Free Trade Agreement (FTA) with the United Kingdom.
The deal reduces tariffs on UK goods from 15% to as low as 3% in some segmen
ts.
Auto duties will be trimmed over 15 years with quota caps to protect Indian
makers.
Indian IT and engineering firms gain easier UK market access under the agreement
.
Bilateral trade between India and UK is currently around \$20 billion annually
.
FTA seen as a stepping stone to future talks with the EU and the U.S.
Domestic lobbies welcomed IT access but raised concern over Britis
h liquor imports.
Deal includes labour mobility benefits for Indian professionals and students.
PM Modi called it “a win-win step for both Commonwealth partners.”