On May 6, 2025, the United Kingdom and India finalized a landmark Free Trade Agreement (FTA), marking a significant milestone in their bilateral relations. This ambitious and mutually beneficial pact aims to enhance trade, investment, and economic cooperation between the two nations.
Key Highlights of the UK-India Free Trade Agreement
1. Tariff Reductions:
- India will substantially reduce tariffs on British exports, including whisky, gin, automobiles, and medical devices. Notably, whisky tariffs will decrease from 150% to 40% over a decade.
2. Market Access:
- The agreement improves access for British service firms to Indian markets and simplifies business travel for Indian professionals to the UK without altering immigration policies.
3. Economic Impact:
- The deal is projected to boost bilateral trade by £25.5 billion annually by 2040 and increase the UK’s GDP by £4.8 billion.
4. Social Security Agreement:
- A Double Contribution Convention has been signed, exempting Indian workers in the UK from dual social security contributions for three years.
5. Strategic Partnership:
- Both Prime Ministers, Keir Starmer and Narendra Modi, hailed the agreement as a transformative step in deepening the strategic partnership between the UK and India.
This FTA, the UK’s most significant since Brexit, is expected to catalyze growth, job creation, and innovation in both economies, setting a precedent for future trade engagements.
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