{"id":1305,"date":"2025-05-07T13:09:45","date_gmt":"2025-05-07T09:39:45","guid":{"rendered":"https:\/\/ssabsteel.com\/india-and-britain-finalize-free-trade-agreement-fta\/"},"modified":"2025-07-03T12:50:33","modified_gmt":"2025-07-03T09:20:33","slug":"india-and-britain-finalize-free-trade-agreement-fta","status":"publish","type":"post","link":"https:\/\/ssabsteel.ir\/en\/india-and-britain-finalize-free-trade-agreement-fta\/","title":{"rendered":"India and Britain finalize free trade agreement ( FTA )"},"content":{"rendered":"\n

On Wednesday , May 7 , the governments of India and the United Kingdom announced that they had finalized a free trade agreement (FTA) and double taxation convention after three years of negotiations .<\/p>\n\n

British Prime Minister Keith Starmer<\/strong> announced :<\/p>\n\n

\n

” Today we have reached a historic agreement with India – one of the world ‘s fastest growing economies – that will grow the economy and benefit British people and businesses . “\u200b\u200b<\/p>\n<\/blockquote>\n\n

On the other hand , Indian Prime Minister Narendra Modi said <\/strong>in a separate statement :<\/p>\n\n

\n

“In a historic milestone, India and the UK have successfully reached an ambitious and reciprocal free trade agreement and have also finalised a double taxation convention.”<\/p>\n<\/blockquote>\n\n

\n\n

Free Trade Agreement (FTA) details:<\/strong><\/h3>\n\n
    \n
  • Tariff elimination<\/strong> : Britain will make 99.1 percent<\/strong> of imports from India tariff – free .<\/li>\n\n\n\n
  • India will also reduce 90 %<\/strong> of UK tariff lines , with 85 %<\/strong> of these tariffs to zero within ten years .\u200b\u200b\u200b <\/strong><\/li>\n\n\n\n
  • Increased bilateral trade<\/strong> : The agreement is expected to increase bilateral trade by up to \u00a3 25.5 billion ($34 billion ) . <\/strong><\/li>\n\n\n\n
  • Current state of trade: <\/strong>In 2024 , bilateral trade between the two countries reached \u00a3 42.6 billion<\/strong> , an increase of 8.3 % over the previous year . <\/strong><\/li>\n\n\n\n
  • The UK has a trade deficit of \u00a3 8.4 billion in goods and services with India . <\/strong><\/li>\n<\/ul>\n\n
    \n\n

    Double Taxation Convention :<\/strong><\/h3>\n\n
      \n
    • Under the agreement , Indian workers working temporarily in the UK will be exempt from paying National Insurance<\/strong> for three years .\u200b\u200b\u200b <\/strong><\/li>\n\n\n\n
    • Employers of these individuals will also be exempt from paying insurance contributions <\/strong> .<\/li>\n<\/ul>\n\n
      \n\n

      Economic forecasts :<\/strong><\/h3>\n\n
        \n
      • The Indian government expects the agreement to increase bilateral trade volume to $120 billion by 2030<\/strong>, double the current level.<\/li>\n<\/ul>\n\n

        <\/p>\n","protected":false},"excerpt":{"rendered":"

        On Wednesday , May 7 , the governments of India and the United Kingdom announced that they had finalized a free trade agreement (FTA) and double taxation convention after three years of negotiations . British Prime Minister Keith Starmer announced : ” Today we have reached a historic agreement with India – one of the […]<\/p>\n","protected":false},"author":1,"featured_media":154,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-1305","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/ssabsteel.ir\/en\/wp-json\/wp\/v2\/posts\/1305","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ssabsteel.ir\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ssabsteel.ir\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ssabsteel.ir\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ssabsteel.ir\/en\/wp-json\/wp\/v2\/comments?post=1305"}],"version-history":[{"count":0,"href":"https:\/\/ssabsteel.ir\/en\/wp-json\/wp\/v2\/posts\/1305\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ssabsteel.ir\/en\/wp-json\/wp\/v2\/media\/154"}],"wp:attachment":[{"href":"https:\/\/ssabsteel.ir\/en\/wp-json\/wp\/v2\/media?parent=1305"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ssabsteel.ir\/en\/wp-json\/wp\/v2\/categories?post=1305"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ssabsteel.ir\/en\/wp-json\/wp\/v2\/tags?post=1305"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}