India and the UK are finalising a Free Trade  Agreement (FTA).
Why it is important for India?
  • India-UK FTA will be critical for India at a time when the country has walked out of key FTAs such as the Regional Comprehensive Economic Partnership(RCEP).
  • India has rolled out an aggressive Atmanirbhar Bharat plan, which aims to make it an export powerhouse with $1 trillion exports by 2030. So fewer trade barriers with the UK could give a push to exporters.
What does India-UK want in the FTA?
India: It wants enhanced mobility for its professionals and a reduced fee for work and tourism visas, safeguards for agriculture, better market access for vaccines, basmati rice, wool, yarn, instant coffee and tea premix among others.
UK: It wants the ease of doing business, removal of tariffs of up to 150% on whisky and 125% on British-made cars. Also, removal of barriers to trade in services, food and drink, healthcare and medical devices.

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