PM likely to visit UK for FTA signing on July 24

Prime Minister Narendra Modi is likely to visit the UK on July 24 to sign the Free Trade Agreement (FTA), aimed at strengthening trade ties, creating more jobs in India and enhancing market access for both countries. The UK Foreign Office has estimated that the new deal could boost bilateral trade by over £25 billion annually.

Negotiations for the FTA concluded earlier, with both nations announcing the development on May 6. Modi confirmed the completion of talks after a phone call with his British counterpart Keir Starmer.

Under the agreement, the UK will reduce tariffs on 99 per cent of Indian product lines, with significant advantages for sectors such as textiles, footwear and food products. An Indian government statement issued on May 6 said 99 per cent of Indian exports would face zero duty in the UK market. “The FTA will open substantial export opportunities for labour-intensive sectors like textiles, marine products, leather, footwear, sports goods, toys and gems and jewellery, along with other key areas including engineering goods, auto parts, engines and organic chemicals,” it said.

India expects the deal to contribute to job growth and support its broader goal of reaching $1 trillion in annual exports by 2030. In FY 2024-25, India’s total exports (goods and services) stood at $820.93 billion.

The FTA also includes a double contribution convention, allowing Indian professionals working temporarily in the UK to be exempt from paying national insurance contributions for up to three years. The same benefit will apply to British workers in India.

India