What's Happening?
Prime Minister Narendra Modi and UK Prime Minister Keir Starmer have signed the India-UK Free Trade Agreement (FTA), aiming to double bilateral trade to $120 billion by 2030. The agreement provides Indian sectors such as textiles, footwear, and engineering goods better access to the UK market, while UK products like medical devices and aerospace parts will become more affordable in India. The FTA is expected to boost India's services sector, particularly in IT, financial services, and education, creating new career opportunities for young professionals.
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Why It's Important?
The India-UK FTA is a landmark agreement that promises to enhance economic ties between the two nations significantly. It is expected to create substantial growth opportunities for Indian industries and provide affordable access to UK products, benefiting consumers and businesses alike. The agreement is particularly advantageous for India's youth, farmers, and MSME sector, potentially leading to increased employment and economic development. The duty-free access to the UK market for labor-intensive Indian sectors could boost production and generate employment, enhancing India's global competitiveness.
