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India and UK finalise FTA and tax deal.
Trade, investment, and tax benefits ahead.
Implementation expected by late 2025.
In a landmark development for bilateral economic relations, the governments of India and the United Kingdom have officially concluded negotiations on a comprehensive Free Trade Agreement (FTA) and a Double Taxation Avoidance Convention (DTAC). The announcements were made through coordinated statements from both capitals on Tuesday.
The Free Trade Agreement is designed to reduce tariffs, enhance market access, and ease regulatory barriers across various sectors including steel, automobiles, textiles, services, and pharmaceuticals. Officials highlighted that the pact will strengthen economic cooperation by increasing two-way trade and creating new investment opportunities.
Parallelly, the Double Taxation Avoidance Convention aims to eliminate the risk of businesses being taxed twice on the same income in both countries. The convention will also improve transparency and information exchange between tax authorities, further boosting investor confidence.
Government representatives from both nations hailed the agreements as a significant leap in fostering stronger trade and investment ties. The deals are expected to offer substantial benefits to industries like steel manufacturing, fintech, automotive, and digital services.
The agreements will now proceed through respective parliamentary approvals before coming into effect later this year.
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