India and the UK today signed the Free Trade Agreement, a move likely to double bilateral trade to $120 billion by 2030. Commerce Minister Piyush Goyal and British Trade Minister Jonathan Reynolds inked the pact in the presence of Prime Minister Narendra Modi and his UK counterpart Keir Starmer.

The Indian farmer is expected to gain the most from this free trade pact. India’s agricultural and processed food products will now enjoy duty-free access to British markets.

The agreement proposes that British markets will now be opened up to Indian farm produce and farmers here would enjoy better benefits than exporters from European countries.

Indian farm products such as turmeric, pepper and cardamom, and processed products like mango pulp, pickles, and pulses, will get duty-free access under the new pact. This would boost farmers’ market reach and provide them with bigger profit margins.

The government says it has taken steps to safeguard its sensitive agricultural sector from British imports. There will be no tariff concessions on dairy products, apples, oats, and edible oils to ensure domestic farmers are not affected.

The Free Trade Agreement will also benefit India’s fisheries sector, particularly in coastal states such as Andhra Pradesh, Odisha, Kerala, and Tamil Nadu.

Exports such as shrimp, tuna, fishmeal, and feeds, which currently attract duties between 4.2 to 8.5 per cent in the UK, will now be able to access the British market duty-free.

Exporting labour-intensive products such as leather, footwear and clothing will now be easier, and the cost of whiskey and cars imported from the UK will reduce. Other imported goods, such as medical devices, will also be cheaper now.

Prime Minister Modi, who is on his fourth trip to the UK, has said this visit will go a long way in advancing the economic partnership between our nations. “The focus will be on furthering prosperity, growth and boosting job creation for our people. A strong India-UK friendship is essential for global progress,” he said after landing in London.

British Prime Minister Starmer has called the FTA a “landmark deal”. A landmark deal with India means jobs, investment and growth here in the UK. It creates thousands of British jobs, unlocks new opportunities for businesses and puts money in the pockets of working people. That’s our Plan for Change in action,” he has said.