Could India-U.K. trade deal be a template for other FTAs?
There has been a lot of excitement around the India-U.K. trade deal — PM Narendra Modi termed the deal a 'historic milestone' while announcing that both countries 'successfully concluded an ambitious and mutually beneficial Free Trade Agreement', and U.K. PM Keir Starmer recently called it a fantastic deal.
India enjoys a trade surplus with the U.K., the deal could help India maintain its competitive edge. Under the deal, India will cut tariffs on 90% of British goods, with 85% becoming duty-free over ten years. In return, the U.K. will abolish duties on selected products, leaving 99% of Indian exports tariff-free.
The deal talks about streamlining regulations, which could make India's exports cheaper to the British.
Trade between India and the U.K. has grown over the past few decades, and trade relations between the two countries are set to become stronger due to this agreement. The U.K.'s government believes that the FTA will give bilateral trade an annual boost of £25.5 billion by 2040, while India has set a target to double trade to $100 billion by 2030.
Given that India is negotiating trade agreements with other countries, can this FTA serve as a template for other deals?
Guest: Amrita Saha, Research Fellow, Institute of Development Studies, University of Sussex.
Host: Nivedia. V
Edited by Sharmada Venkatasubramanian.
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