India-UK Free Trade Agreement Set for Early May Implementation: Report

The free trade agreement between India and the UK, signed last July, is on course to come into force by early May, with officials on Thursday saying both sides are working through a handful of remaining issues, news agency PTI has reported. On the India-EU front, Brussels has indicated November as its target for ratifying the trade pact, with implementation also expected within the year. Progress on trade agreements with Israel and the six-nation Gulf Cooperation Council, made up of Saudi Arabia, the UAE, Qatar, Kuwait, Oman and Bahrain, has, however, slowed due to the continuing conflict in the region.

Regarding a potential trade deal with the US, officials indicated that negotiations remain live, but noted that "any trade agreement is based on preferential market access versus competitors. If we get that, then the trade deal stands."

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India and the EU announced the conclusion of their free trade negotiations on 27 January this year. The agreement, described as the 'mother of all deals', will grant duty-free access to the EU's 27-nation market for 93 per cent of Indian shipments, whilst making luxury cars and wines imported from Europe cheaper for Indian consumers.

The India-UK Comprehensive Economic and Trade Agreement (CETA), signed on 24 July last year, will allow 99 per cent of Indian exports to enter Britain tariff-free, with India in turn reducing duties on British goods such as cars and whisky. 

The agreement still requires approval from the UK Parliament before it can come into effect.