New Delhi: Commerce and Industry Minister Piyush Goyal will accompany Prime Minister Narendra Modi to London for the signing of the free trade agreement between India and the UK on July 24, an official said on Monday.
The two countries announced the conclusion of the negotiations for the trade agreement on May 6.
The trade pact proposes to remove taxes on the export of labour-intensive products such as leather, footwear, and clothing, while making imports of whisky and cars from Britain cheaper, in a bid to double trade between the two economies to USD 120 billion by 2030.
On July 23-24, Prime Minister Modi will visit the United Kingdom to sign the landmark India-UK Free Trade Agreement (FTA). This agreement is intended to impact 99 per cent of Indian exports to the UK by reducing tariffs, thereby easing the entry of British products like whisky and cars into the Indian market. The FTA emerges after three years of rigorous negotiations, aiming to bolster market access and create a more favourable trading environment for both nations.
The India-UK Free Trade Agreement is expected to significantly expand the bilateral trade scope and deepen security ties. It aims to simplify trade barriers, fostering a more comprehensive economic partnership and reinforcing strategic and economic collaboration between the two countries. This agreement will not only enhance economic ties but also strengthen cultural and political relations.
Following his UK visit, the Prime Minister will head to the Maldives on July 25-26. There, he will serve as the Chief Guest at the 60th National Day celebrations, marking a pivotal visit since recent diplomatic tensions. This visit is seen as a move to reset and enhance India-Maldives relations, fostering goodwill and cooperation.
Prime Minister Modi’s presence in the Maldives is anticipated to address previous concerns and build a more robust partnership. The last visit by PM Modi to the Maldives was in June 2019, a time marked by strained relations.
The Maldives’ President Muizzu’s visit to India in October 2024, post-election, indicated an interest in mending diplomatic ties and advancing collaborative efforts. Prime Minister Modi’s current visit reciprocates this intent and aims to solidify the relationship.
These diplomatic engagements highlight India’s strategic intent to reinforce its global partnerships through trade and cultural diplomacy, marking a significant step in fostering bilateral ties with both the UK and the Maldives.
