All Things Policy
Understanding the India-UK FTA
May 20, 2025
Anisree Suresh, a researcher at the Takshashila Institution, and Shikha Tomar, a postgraduate public policy student at the same institution, dive deep into the recently concluded India-UK Free Trade Agreement. They highlight how the FTA enhances consumer choices, lowers prices, and boosts competition across sectors like textiles and luxury vehicles. The conversation explores India's strategic push for trade partnerships globally, while also addressing potential challenges in sensitive sectors. They emphasize the importance of staying informed about trade developments for better economic integration.
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Quick takeaways
- The India-UK FTA significantly reduces tariffs, eliminating them on 99% of UK goods and 90% of Indian goods, enhancing market competitiveness.
- This agreement marks a strategic shift for India post-Brexit, encouraging diversification of trade partnerships and emphasizing increased domestic productivity.
Deep dives
Understanding Free Trade Agreements
A free trade agreement (FTA) is a comprehensive pact between countries aimed at reducing trade barriers. It not only includes agreements on tariffs but also addresses trade facilitation, intellectual property rights, and technical standards. Unlike traditional trade agreements that may feature a positive list of goods and services, FTAs often establish a negative list that outlines which items are excluded from the agreement. This framework promotes a fairer trading environment and encourages countries to establish smoother trade relations by eliminating unnecessary restrictions.
