UK-India FTA Worth $6.5 Bn To Come Into Force On July 15 After PM Modi-Starmer Talks At G7

The British government on Wednesday announced that the India–UK Free Trade Agreement (FTA) will come into force on July 15, clearing the way for the implementation of the landmark deal despite lingering concerns over London's upcoming steel tariff regime.The decision follows discussions between the two sides, with Indian officials having previously raised the possibility of delaying or reopening of the FTA, worth £4.8 billion ($6.5 billion), signed last year, due to come into effect on July 1.Despite these concerns, both countries have agreed to proceed with the implementation of the FTA, marking a significant step forward in strengthening bilateral trade and economic ties,Notably, both India and the United Kingdom agreed to move ahead with implementation of the trade deal after

British Prime Minister Keir Starmer held talks with his Indian counterpart Prime Minister Narendra Modi at the G7 leaders summit, being held in France.Taking to X, British High Commissioner to India Lindy Cameron wrote, "The countdown begins! The UK and India have agreed that the Free Trade Agreement will come into effect on 15 July. An historic moment for the modern UK-India partnership, unlocking a new era of growth for both our economies."

"We are bringing our landmark trade deal with India into force as quickly as we can, because we want businesses and the public to feel the benefits immediately, including cuts to tariffs of £400m within the first year alone," British Business and Trade Secretary Peter Kyle said in a ⁠statement."The deal ‌gives ⁠British exporters an edge over international competitors, and I would encourage all businesses to ensure they are properly prepared," he added.Under the deal, India will cut whisky tariffs to 40 percent from 150 percent, and automotives from 10 percent under a quota to ⁠100 percent, with Britain cutting tariffs on goods such as clothes, footwear and some food. Less cost for British businesses importing Indian products could mean cheaper prices and more choice for consumers across the country.