India and the United Kingdom have signed a landmark Free Trade Agreement (FTA) during Prime Minister Modi's visit to the UK, marking a major step in strengthening economic ties between the two nations.
The deal will significantly reduce tariffs on key goods such as Scotch whisky, cars, and textiles, with whisky tariffs dropping from 150% to 40% over the next decade. The agreement is expected to boost bilateral trade by over $34 billion annually, create thousands of jobs, and attract billions in investment. While the deal is hailed as a win-win for both countries, some Indian businesses have raised concerns about increased competition and potential public health impacts.
The FTA also includes provisions for greater gender inclusion and sets a template for India's future trade negotiations with other major economies.
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