India-UK Free Trade Deal to boost exports and employment; But how…

The biggest benefit of this deal will be to the small and medium traders of India.

New Delhi: The long-pending Free Trade Agreement (FTA) deal between India and the United Kingdom (UK) has finally reached its final stage. This agreement can be signed by the representatives of both the countries next week, reports Dynamite News correspondent.

This deal has the potential to take the economic relations between the two countries to new heights.

Exports To Get A Boost

The biggest benefit of this deal will be to the small and medium traders of India. Especially the readymade garments, leather goods and footwear sector will get direct benefit. The heavy import tax levied on these products in the UK will be abolished, making Indian goods available at cheaper prices in the UK.

This will not only increase India's exports, but will also benefit millions of artisans who are employed in these sectors.

Foreign Goods To Be Cheaper

Under the deal, the import duty levied in India on some products coming from the UK will also be reduced. These include whiskey, high-end cars and other luxury goods. Currently, whiskey is taxed very high in India, but after this deal, this tax may be reduced, so that the middle class can get the taste of these expensive products at affordable prices.

New Jobs And Investment Opportunities

FTA will create new investment opportunities in India. When exports increase, work in factories will also increase and new jobs will be generated. Especially in the textile, footwear and leather industry, the demand for laborers, machine operators and quality control employees will increase. Apart from this, UK companies can plan to set up manufacturing units in India, which will open new avenues of employment for the youth.

Legal Process Pending

However, this deal will be fully implemented only when it gets approval from the Cabinet of India and the UK Parliament. Experts believe that after signing, it may take about a year to be fully implemented.

Overall Impact

This free trade agreement will give India a new identity in the international market. On one hand, India's exporters will get new opportunities, while on the other hand, the general public will be able to get some foreign products at cheaper rates.

This agreement will further deepen the economic cooperation between the two countries, which can prove beneficial for both trade and employment in the coming years.