Thu Jul 24 12:58:12 UTC 2025: Okay, here’s a news article summarizing the India-UK Free Trade Agreement:

**India and UK Formalize Landmark Trade Deal, Expected to Boost Economies by $34 Billion**

**London, UK** – India and the United Kingdom have officially signed a Free Trade Agreement (FTA) after three years of negotiations. The agreement was formalized Thursday during Prime Minister Narendra Modi’s visit to the UK, where he met with his counterpart, Keir Starmer. Commerce Ministers Piyush Goyal and Jonathan Reynold signed the deal on behalf of their respective countries.

The FTA is projected to increase bilateral trade between the two economies by an estimated $34 billion annually. Both nations are touting the agreement as a significant boost to their economies, promising new opportunities for businesses, professionals, and job creation.

“Our landmark trade deal with India is a major win for Britain,” said PM Starmer. “It will create thousands of British jobs across the UK, unlock new opportunities for businesses and drive growth in every corner of the country, delivering on our Plan for Change.” Adding to this, 26 British companies have already announced new business in India.

**Key Benefits for India:**

* **Reduced tariffs on UK goods:** Easier access to medical devices, aerospace parts, soft drinks, cosmetics, chocolates, and cars. Import duty on whisky will fall from 150% to 75% immediately and to 40% over 10 years.
* **Opportunities for IT professionals:** Easier access to the UK job market for up to 60,000 IT professionals annually across 35 sectors, without requiring an office in the UK. Leading companies like TCS, Infosys, and Wipro stand to benefit.
* **Social Security exemptions:** Indian professionals will be exempt from UK social security payments for three years.
* **Expanded access to the UK Market:** Firms and freelancers will have access to 36 service sectors with no ‘Economic Needs Test’.

**Key Benefits for the UK:**

* **Tariff reductions in India:** Secured on 90% of tariff lines, with 85% being exempt from tariffs in 10 years.
* **Access to Indian government tenders:** British companies can bid on non-sensitive government tenders valued above Rs 2 billion, accessing a potential market of 40,000 tenders worth around Rs 4.09 lakh crore.
* **Job creation:** The deal is projected to create over 2,200 jobs in the UK.
* **Wage increases:** UK workers could see a wage hike of up to 2.2 billion pounds annually.

Both governments expressed optimism that the FTA will pave the way for stronger economic ties and mutual prosperity in the years to come.

I hope this helps!

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