Modi announces UK-India trade deal to take effect July 15

India's Prime Minister Narendra Modi announced that the Comprehensive and Economic Partnership Agreement with the United Kingdom will take effect on July 15. He expressed enthusiasm for the deal, anticipating it will significantly enhance bilateral trade and investment.

Modi highlighted that the agreement will generate numerous opportunities for Indian farmers, workers, startups, and innovators. This economic pact aims to strengthen the ties between the two nations, building on discussions held between Indian Commerce Minister Piyush Goyal and British Secretary of State for Business Peter Kyle in early June.

The UK government projects that this trade framework could increase annual bilateral exchange by approximately $32.4 billion and boost each nation's GDP by nearly $6.35 billion. This accord represents London's most significant and economically impactful bilateral trade agreement since its departure from the European Union and stands as one of India's most comprehensive treaties.

A key provision of the treaty involves eliminating duties on over 90% of traded goods. Notably, the tariff on Scotch whisky will be halved from 150% to 75%, a long-standing demand from the British industry seeking greater access to the world's largest market for this spirit.