Context:
In a historic milestone, India and United Kingdom (UK) successfully concluded Free Trade Agreement (FTA)
Key Highlights of the India-UK FTA:
- Tariff Elimination: India benefits from zero-duty access on 99% of tariff lines, covering nearly 100% of trade value.
- Bilateral Trade Growth: The current India-UK trade volume stands at USD 60 billion, with expectations to increase significantly.
- Ease of Mobility for Professionals: Facilitates investors, intra-corporate transferees, and independent professionals, including their partners and dependent children, with work rights.
- Double Contribution Convention: Indian workers temporarily in the UK and their employers exempt from social security contributions for three years, reducing financial burdens.
- Opportunities for Skilled Youth: Expands access to UK’s advanced digital infrastructure and digitally delivered services, benefiting India’s tech-savvy workforce.
- Export Boost: Strengthens India’s competitiveness in textiles, marine products, leather, footwear, engineering goods, auto parts, and organic chemicals.
- Service Sector Gains: Enhances IT/ITeS, financial services, and other professional sectors, creating new job opportunities.
- Regulatory Improvements: Addresses non-tariff barriers, promotes good regulatory practices, and ensures smooth trade facilitation
Source: ET
Previous Year Question
Consider the following countries:
1. Australia
2. Canada
3. China
4. India
5. Japan
6. USA
Which of the above are among the ‘free-trade partners’ of ASEAN?
[UPSC Civil Services Exam – 2018 Prelims]
(a) 1, 2, 4 and 5
(b) 3, 4, 5 and 6
(c) 1, 3, 4 and 5
(d) 2, 3, 4 and 6
Answer: (c)