India-UK Trade Deal: Approval on India-UK Free Trade Deal Expected Soon, Exports and Employment to Get a Boost

The much awaited Free Trade Agreement (FTA) deal between India and the United Kingdom (UK) may be signed next week. This deal will not only be beneficial for small traders and exporters of India, but will also open new avenues of employment and investment.

New Delhi: A long-stuck free trade agreement (FTA) deal between India and the United Kingdom (UK) has finally reached its final stages. According to government sources, the agreement can be signed by representatives of both countries next week. The deal has the ability to take economic relations between the two countries to new heights.

Export will be promoted from India

The biggest benefit of this deal will be available to small and medium traders of India. Especially the readymade garments, leather goods, and footwear sectors will directly benefit. The huge import tax in the UK on these products will be abolished so that Indian goods will be available in the UK at cheap prices. This will not only increase India's exports but will also benefit millions of artisans who are working in these sectors.

Foreign goods will be cheaper

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

Jobs and new investment opportunities

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

Legal process remains

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

What will be the total effect?

This free trade agreement will give India a new identity in the international market. While India's exporters will get new opportunities on the one hand, on the other hand the general public will be able to get some foreign products cheap. Also, this agreement will deepen economic cooperation between the two countries, which can prove to be beneficial for both trade and employment in the coming years.