After US President Donald Trump announced a new trade agreement with the United Kingdom, he hailed it as the first "fair, open, and reciprocal" deal of its kind, saying it will generate USD 6 billion in tariff revenue and create USD 5 billion in new export opportunities for American produ
Sharing more details on the India-UK FTA, Union Commerce and Industry Minister Piyush Goyal said that UK-based suppliers will be eligible to bid for government tenders only for orders of more than Rs 200 crore.
The agreement will be the first announced since President Trump imposed heavy tariffs on several of America's trading partners, though he later paused them temporarily to give other countries the chance to negotiate deals with the United States.
Former UK Prime Minister Rishi Sunak has supported the Indian attack on terrorist infrastructure and said that no nation should have to accept terrorist attacks being launched against it from another country.
India should approach the implementation of the Government Procurement (GP) chapter in the recently concluded India-UK Free Trade Agreement (FTA) with extreme caution, according to a report by the Global Trade Research Initiative (GTRI).
Indian stock markets opened higher on Thursday, reflecting strong investor confidence in the country's economic outlook despite recent tensions with Pakistan. The positive start comes also amid optimism surrounding the India-UK trade deal and a stable global interest rate environment.
India and the United Kingdom FTA is seen as a part of a new global trade strategy that aims to reduce dependence on China, manage trade challenges from US tariffs, and help the UK reshape its economy after Brexit, according to a report by SBI Research.
The Ministry of Foreign Affairs of Ukraine in a statement on Wednesday after the Pakistan-backed April 22 Pahalgam terror attack said that restraint is crucial to maintain stability in the region.
UK Foreign Secretary David Lammy urged India and Pakistan to show restraint and indulge in "direct dialogue" following Operation Sindoor, a targeted strike mission to destroy terrorist infrastructure in Pakistan and Pok in response to the April 22 Pahalgam terror attack.
In a strong show of support to India, UK's former Prime Minister Rishi Sunak firmly backed New Delhi's action against cross-border terrorism following Operation Sindoor and said that "India is justified in striking terrorist infrastructure."
The Indian textile industry has welcomed the India-UK Free Trade Agreement (FTA), calling it a major step towards expanding India's presence in the lucrative UK market.