New Delhi, Feb 15: The India-UK free trade agreement is likely to come into effect from April this year, paving the way for an increase in Indian exports to the European nation, according to a senior official on Sunday.
The agreement was signed between the two countries in July last year and has to be now approved by the UK Parliament for it to come into effect.
The process has already started with the debate on the Free Trade Agreement (FTA) having begun in the both Houses of the British Parliament.
“Under the free trade agreement, 99 per cent of Indian exports to the UK will get the benefit of zero duty. This opens up massive export opportunities for labour-intensive sectors such as textiles, marine products, leather, footwear, sports goods and toys, gems and jewellery, and other important sectors such as engineering goods, auto parts and engines, and organic chemicals,” according to an official statement.
Besides, India has ensured that non-tariff barriers are suitably addressed to ensure free flow of goods and services and that they do not create unjustified restrictions to India’s exports.
Prime Minister Narendra Modi and his British counterpart Keir Starmer announced the successful conclusion of the mutually beneficial India-UK FTA in May last year.
The deal was sealed after PM Modi spoke to the UK Prime Minister on the phone.
Apart from the FTA, a Double Contribution Convention has also been signed to take care of the interests of Indian workers in the UK. (IANS)
