India and the United Kingdom are on the verge of finalizing a landmark Free Trade Agreement (FTA), with the signing expected to take place by the end of July. The rigorous process of legal scrubbing of the pact's text is advancing at an accelerated pace, signaling the imminent conclusion of years of negotiations. To further expedite this crucial phase, India's Commerce Secretary, Sunil Barthwal, is currently in London, accompanied by his official team, for a two-day visit.

During his visit, Secretary Barthwal is scheduled to hold key discussions with UK Secretary of State for Business and Trade Jonathan Reynolds and other senior British officials. These high-level meetings are aimed at resolving any remaining issues and ensuring a smooth path to the agreement's implementation. This follows a recent visit by India's Commerce and Industry Minister, Piyush Goyal, to London earlier this month, where he also engaged with Reynolds on matters related to the FTA's execution.

The comprehensive negotiations for this significant bilateral trade deal, which involved three years of intermittent discussions, officially concluded on May 6. The primary objective of the India-UK FTA is to substantially boost trade between the two nations, with an ambitious target of doubling bilateral trade to USD 120 billion by 2030. A core aspect of the agreement involves the elimination of taxes on various key exports.

Specifically, the FTA is set to remove tariffs on India's labor-intensive products, including leather, footwear, and clothing, thereby making them more competitive in the UK market. Conversely, it will facilitate cheaper imports of British goods such as whisky and cars into India, benefiting consumers and businesses in both countries. This reciprocal reduction in trade barriers is expected to foster greater economic integration between the world's fifth and sixth-largest economies.

Once the FTA is officially signed, it will undergo a crucial ratification process. This requires approval from the British Parliament and India's Cabinet before the agreement can formally take effect. Officials anticipate that the full implementation of the pact will likely commence approximately a year after its signing. The text of the agreement is slated to be made public following its official signing, providing transparency to stakeholders and citizens alike. In a significant diplomatic gesture underlining the strengthening ties, Prime Minister Narendra Modi has extended an invitation to UK Prime Minister Keir Starmer to visit India, reinforcing the strategic partnership between the two nations.