As of April 2025, what percentage of the India-UK Free Trade Agreement (FTA) has been finalised, bringing both the nations closer to concluding the deal?

Question

Question

This question was previously asked in

RRB NTPC Graduate Level CBT-I Official Paper (Held On: 05 Jun, 2025 Shift 1)

Answer 1

The correct answer is 90%.

Key Points

As of April 2025, 90% of the India-UK Free Trade Agreement (FTA) has been finalized, marking significant progress in negotiations.
The India-UK FTA is aimed at enhancing trade relations by reducing tariffs, increasing market access, and fostering economic cooperation.
Both nations are working towards concluding the deal to boost bilateral trade, which currently stands at over £34 billion annually.
The agreement covers key sectors such as technology, pharmaceuticals, automobiles, and financial services.
The finalization of the agreement is expected to strengthen ties and contribute to mutual economic growth.

Additional Information

Free Trade Agreement (FTA):
- FTA is a pact between two or more nations to reduce or eliminate trade barriers such as tariffs and quotas.
- It aims to promote free flow of goods and services between member countries.
India's Trade Policy:
- India actively pursues FTAs to enhance its global trade footprint and attract foreign investments.
- Major FTAs include agreements with ASEAN, Japan, South Korea, and the UAE.
UK's Post-Brexit Trade Strategy:
- After exiting the EU, the UK has focused on establishing FTAs with countries worldwide, including India.
- This strategy is designed to mitigate economic impacts post-Brexit and expand trade opportunities.
Economic Impact of FTA:
- FTAs can lead to increased exports, job creation, and lower costs for consumers due to reduced tariffs.
- They also foster innovation and global competitiveness among domestic industries.