Step forward for trade: India-UK FTA is more comprehensive than expected

Whitehall has suggested the FTA will lead to an additional increase of 10 basis points in the UK's gross domestic product (GDP) growth rate every year

India and the United Kingdom (UK) have successfully concluded negotiations for a free-trade agreement, or FTA. Prime Minister Narendra Modi described it as a “historic milestone”, and Commerce Minister Piyush Goyal said it “set a new benchmark for equitable and ambitious trade”. Officials on both sides emphasised it was more comprehensive than other trade deals that India had previously signed. Indian companies’ access to British markets would be almost tariff-free, while Indian consumers will benefit from a gradual reduction in tariffs on imports from the UK. This will make a particular difference to the availability of certain high-end engineering goods,