India-UK Free Trade Deal Set to Boost £25.5 Billion in Annual Trade

The trip of Prime Minister Narendra Modi to the UK is a landmark India-UK relations with the signing of a trailblazer Free Trade Agreement (FTA). The deal is estimated to catalyse bilateral trade by 25.5 billion against the bar every year, and covers major areas of technology, defence sector, investment, and clean energy. The new FTA supersedes the former 2021 one called the Roadmap 2030, which has been expanded to a wider Vision 2035. The schedule of PM Modi involves the leaders of the United Kingdom PM Keir Starmer and King Charles III. This agreement will intensify cooperation in terms of strategy and economics by the two democracies.

Why in the news?

• Growing trade and strategic relations have been sought between India and the UK, particularly after Brexit ,and when India has been putting forth its hand to the world through economic diplomacy. 
• The shift is captured in the long-negotiated FTA, which is in line with the innovations, security, and sustainable development agenda of both countries.

UK visit of Modi 

• Venue: in London
• Key Meetings:
  • PM Keir Starmer
  • King Charles III

Vision 2035 UK-India

• Supersedes: 2021 Roadmap to 2030
• Goal to revitalize and futuristic collaboration
• Focus Areas:
  • Trade & Investment
  • Technology & Innovation
  • Climate Clean Energy
  • Defence & Security
  • Migration and the Labor Force Mobility

Key Provisions of the Trade Agreement

Strategic and Economic Advantages

• Further bolsters the Comprehensive Strategic Partnership
• Builds on:
  • 2023 Tech Security Initiative
  • A model of India-UK Defence Industrial Cooperation
  • Negotiations on Bilateral Investment Treaties (BIT) are also being carried on.
  • Creation of jobs and the expansion of a common R&D ,and improvement of resilience in the development of important industries

Conclusion

The India-UK Free Trade Agreement is a new page of bilateral diplomacy. The deal also solidifies a forward-looking partnership between the UK and India with improved access to markets, lesser tariffs, and a strategic vision of realizing vision 2035. It preconditions the further more interrelated, safer and economically prosperous future relations.