India, Britain successfully concluded a mutually beneficial free trade agreement: PM Modi

Prime Minister Narendra Modi announced on Tuesday that the Free Trade Agreement (FTA) with the United Kingdom and the Double Contribution Convention had been concluded. In a post on X, Modi wrote, “Delighted to speak with my friend PM Kier Starmer. In a historical milestone, India and the UK have successfully concluded an ambitious and mutually beneficial Free Trade Agreement, along with a Double Contribution Convention. These landmark agreements will further deepen our Comprehensive Strategic Partnership, and catalyse trade, investment, growth, job creation, and innovation in both our economy. I look forward to welcome PM Starmer to India soon.”

India and the UK have held up to 14 rounds of negotiations between the FTA. this bilateral trade The fiscal year between India and the UK increased from $2.36 billion to $21.34 billion in fiscal year. The two seek to double their bilateral commodity trade over the next 10 years, far from the current $20 billion.

Negotiations are in three different ways, a bilateral investment treaty and a social security agreement called the “Double Contribution Convention Agreement”.

The Social Security Deed, formally known as the Double Contribution Convention, will help avoid the dual contributions of Indian professionals working in the UK for a limited time to Social Security Funds.
Indian professionals with limited work in the UK contributed to their Social Security Fund, but once the project was completed, they were unable to earn money.