Prime Minister Narendra Modi announced the completion of a Free Trade Agreement with the UK, which also features a Double Contribution Convention. Modi expressed his joy in sharing this with UK Prime Minister Keir Starmer, emphasizing that these agreements will enhance their strategic partnership, boosting trade, investment, growth, job creation, and innovation in both countries.
The FTA and Double Contribution Convention are expected to significantly enhance trade, investments, and job opportunities in both countries. India-UK bilateral trade in FY24 reached $21.34 billion, rising from $20.36 billion in FY23. The nations aim to double their goods trade in the next decade.
The FTA between India and the UK was concluded after 14 negotiation rounds. Discussions encompassed a Bilateral Investment Treaty and the Double Contribution Convention Agreement to prevent Indian professionals in Britain from double social security contributions, ensuring they receive benefits.
Sources News From Various Digital Platforms, Websites, Journalists, And Agencies.
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