Historic deal between India and Britain is approved, FTA may be implemented from May 1, doors of Europe will open for Indian goods.

News India Live, Digital Desk: The long-running trade dispute between India and the United Kingdom (UK) is about to end. According to information received from sources, the much awaited Free Trade Agreement (FTA) between the two countries can come into existence from May 1. This agreement is being seen as a big ‘booster’ for the Indian economy. Not only this, after this deal with Britain, India is also preparing for a similar big deal with the European Union (EU) by the end of this year.

Indian exporters’ luck will shine

As soon as this agreement is implemented, the custom duty on textiles, leather, jewelery and agricultural products sent from India to Britain will be significantly reduced or may be completely eliminated. This will directly benefit Indian traders and Indian goods will become more competitive in the international market. Experts believe that with this deal, India’s exports can increase by billions of dollars in the next few years, which will also create new employment opportunities in the country.

Game will change for liquor and auto sector

Under the terms of the FTA, there is also a possibility of a major reduction in the import duty on Scotch whiskey and premium cars coming to India from Britain. Britain had long been demanding easier access to the Indian market for its liquor and vehicles. In return, India has demanded easier ‘visa access’ to Britain for its IT professionals and skilled workers. It is believed that both the parties have now reached a unanimous decision on these complex issues.

Big news from Europe till the end of the year

After finalizing the deal with Britain, India’s next big goal is to sign an agreement with the European Union. According to officials, negotiations with European countries are in the final stages and it may be signed by the end of the year. If this happens, India will become the first country to have direct trade links with the world’s largest economies. Prime Minister Narendra Modi’s ‘Self-reliant India’ and ‘Make in India’ campaign is expected to get a big boost at the global level.