Trade agreement likely between India and UK by end of July, legal process in final stage

The process of legalizing the free trade agreement (FTA) between India and the United Kingdom is moving quickly. It is expected to be signed by the end of July, an official said on Tuesday. Commerce Secretary Sunil Barthwal is in London with his team to expedite the process. He will meet UK Trade and Business Secretary Jonathan Reynolds and other senior British officials during his two-day visit.

India and the UK announced the formal completion of FTA negotiations on May 6. This agreement will eliminate duties on exports of labor-intensive products like leather, shoes, and clothing from India. Simultaneously, imports of whiskey and cars from Britain will become cheaper. Trade between the two countries is projected to double to $120 billion by 2030. The world's fifth and sixth largest economies finalized this deal after three years of negotiations.

After signing the FTA, it must be approved by the British Parliament and India's Union Cabinet before it can be implemented. It could take about a year for full implementation. The official mentioned that India's legal team is in London to review the legal draft of the FTA. Once signed, the full text will be made public. Earlier this month, Union Commerce and Industry Minister Piyush Goyal was also in London and discussed FTA implementation issues with Reynolds. Prime Minister Narendra Modi has invited British Prime Minister Keir Starmer to visit India.