%20(500%20%C3%97%20280%20px)%20(500%20x%20300%20px)%20(12).png "India & UK Conclude FTA and Double Contribution Convention")
Key Highlights:
a) $100 billion
b) $110 billion
c) $80 billion
d) $120 billion
- FTA Impact: Expected to double bilateral trade to $120 billion by 2030, reducing tariffs and trade barriers.
- Double Contribution Convention: Exempts Indian workers in the UK from paying social security contributions for three years, saving ₹4,000 crore.
- Strategic Discussions: Negotiations were led by India’s Commerce Minister Piyush Goyal and UK Secretary of State Jonathan Reynolds, following talks between PM Narendra Modi and PM Keir Starmer.
- Sectoral Benefits: Boosts IT, auto components, and consulting sectors, enhancing India’s global competitiveness.
Question:
Q.1 What is the expected value of bilateral trade between India and the UK by 2030 as a result of the new Free Trade Agreement (FTA)?a) $100 billion
b) $110 billion
c) $80 billion
d) $120 billion
Answer: d) The FTA aims to double the bilateral trade to $120 billion by 2030 by reducing tariffs and trade barriers.
