Union minister Piyush Goyal on Saturday said the India–UK free trade agreement (FTA) will come into force from July 15, calling it a major step that could open up new opportunities for both sides.
Speaking to reporters in Mumbai, Goyal said that from July 15, goods exported from India to the United Kingdom would be imported there at zero duty. He said the agreement would create “new opportunities and immense possibilities”.
He also highlighted a separate arrangement linked to Indian youth working in the UK. Earlier, around 25% of their salary was deducted and taken by the UK government, which, he said, did not benefit the worker.
According to Goyal, a “double contribution” agreement has now been finalised and will also take effect from July 15. Under this, the 25% amount deducted from salaries will be deposited into the workers’ provident fund accounts, remain their own money, earn 8.25% tax-free interest, and provide old-age support and social security for their families.
Goyal said the India–UK FTA is not only about trade in goods and boosting services, but also offers significant benefits to thousands who work and provide services in the UK, and credited Prime Minister Narendra Modi’s leadership for the outcome.
