Piyush Goyal To Be Part Of PM Modi’s Team For UK To Sign Free Trade Pact This Week
Key Points
Commerce and Industry Minister Piyush Goyal will accompany Prime Minister Narendra Modi to London for the signing of the free trade agreement between India and the UK this week.
New Delhi, July 21: Commerce and Industry Minister Piyush Goyal will accompany Prime Minister Narendra Modi to London for the signing of the free trade agreement between India and the UK this week, a senior official confirmed on Monday.
At the invitation of UK Prime Minister, Keir Starmer, PM Modi will undertake an official visit to the United Kingdom from July 23 to 24. This marks his fourth visit to the UK.
Prime Minister Narendra Modi and UK Prime Minister Sir Keir Starmer on May 6 this year announced the successful conclusion of a mutually beneficial India-UK Free Trade Agreement (FTA), which is expected to double the trade between the two countries to $120 billion by 2030.
The deal was sealed after PM Modi spoke to the UK Prime Minister on the phone. Under the free trade agreement, 99 per cent of Indian exports to the UK will get the benefit of zero duty, according to an official statement.
The agreement opens up massive export opportunities for India’s labour-intensive sectors such as textiles, marine products, leather, footwear, sports goods and toys, gems and jewellery, and other important sectors such as engineering goods, auto parts and engines, and organic chemicals, the statement said.
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✨There will also be a significant boost to trade in services, such as IT/ITeS, financial services, professional services, other business services and educational services.
India has also secured an exemption for Indian workers who are temporarily in the UK and their employers from paying social security contributions in the UK for a period of three years under the Double Contribution Convention.
This will make Indian service providers significantly more competitive in the UK. This is expected to ensure stronger strategic alignment and greater global mobility for aspirational young Indians.
At the same time, the FTA will open up the Indian market to some British goods, such as whisky and electric vehicles, on which tariffs will be reduced.
During his stay, the Prime Minister will engage in wide-ranging discussions with Starmer, covering the full spectrum of India-UK bilateral relations. The leaders are also expected to exchange views on pressing regional and global issues. (IANS)