India-UK FTA Concluded: Tariff Cuts and Social Security Pact
Why in the news
The two Prime Ministers declared the India-UK trade deal concluded, together with a social security arrangement.
Key facts
- Zero-duty UK access helps textiles, toys, leather, gems and jewellery, marine products and footwear.
- Double Contribution Convention: Indian professionals in the UK get a 3-year exemption from social security payments, benefiting over 60,000 IT staff with possible 20% salary-cost savings.
- Dairy, apples and cheese stay outside concessions to protect farmers.
| Side | Gains |
|---|---|
| India | Textiles, leather, gems, pharma, processed foods, FMCG, healthcare |
| UK | Cheaper exports of whisky, gin, cars, medical devices, cosmetics, chocolates, lamb |
Significance
- Bilateral trade projected to rise by 25.5 billion pounds.
- Expected to aid jobs, investment and supply-chain integration.
Exam angle
- Social security pact: Double Contribution Convention.
- Excluded items: dairy, apples, cheese.