India’s cabinet of ministers has approved a draft free trade agreement (FTA) with the UK, with the FTA scheduled to be formally signed between the two countries tomorrow, July 24, government sources said on Wednesday, July 23.
Officially called the India-UK Comprehensive Economic and Trade Agreement (CETA), the formal document will be signed on July 24, during Indian Prime Minister Narendra Modi’s visit to London, which starts today.
The pact has chapters on issues including goods, services, innovation, government procurement, and intellectual property rights and aims to double trade between the two countries to $120 billion by 2030.
However, the talks on a bilateral investment treaty (BIT) are still going on.
The FTA will come into force after signing and ratification by both sides.