India, UK to finally ink free trade agreement
(MENAFN) India and the United Kingdom are expected to sign a long-delayed free trade agreement (FTA) during Indian Prime Minister Narendra Modi’s upcoming visit to Britain, according to reports from Indian media outlets.
Citing government sources, the FTA received approval from India’s cabinet earlier this week. “We are working on the legal scrubbing and other last-minute work for the FTA,” Indian Foreign Secretary Vikram Misri said on Tuesday.
The UK currently stands as India’s sixth-largest foreign investor, having invested a total of $36 billion. In return, Indian investments in the UK amount to nearly $20 billion, based on official figures.
Negotiations for the trade deal originally began in 2001 but have faced repeated delays. Talks were reportedly hindered by London’s push for “more favorable” terms, including reduced tariffs on goods exported to India, according to unnamed British officials cited in earlier reports.
India is also aiming to secure a "double contribution convention pact" as part of the agreement. This provision would allow Indian IT professionals working in the UK to avoid paying social security contributions for three years, potentially saving them around 20% of their salary. More than 60,000 Indian workers are expected to benefit from this arrangement, as noted by the reports.
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