Commerce and Industry Minister Piyush Goyal will accompany Prime Minister Narendra Modi to London for the signing of the free trade agreement (FTA) between India and the United Kingdom on July 24, an official said on Monday.
The two countries had announced the conclusion of negotiations for the trade deal on May 6th. The agreement aims to remove tariffs on key exports, imports products, with a goal to double bilateral trade to $120 billion by 2030.
Under the FTA, taxes will be scrapped on exports of labour-intensive products such as leather, footwear and clothing, boosting India’s manufacturing sector. At the same time, it will make imports of whisky and cars from Britain cheaper, benefiting British exporters.
Prime Minister Modi will undertake a four-day visit to the United Kingdom and the Maldives beginning Wednesday, with the aim of strengthening ties in trade, investment and defence. The commerce minister will accompany the Prime Minister during the visit, the official confirmed.
Once signed, the free trade agreement will require ratification by the British Parliament and India’s Cabinet before it can come into force. Implementation is expected to take about a year from the signing date.
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