FX.co ★ India, UK to Sign Landmark Trade Deal as U.S. Talks Stall

India and the United Kingdom are poised to formalize a free trade agreement this Thursday during Prime Minister Modi's visit to Britain, as reported by Reuters. This agreement will see India lowering its tariffs on British whisky, automobiles, and select food products, while the UK will offer duty-free access for Indian textiles and electric vehicles. Finalized in May after three years of intermittent negotiations, the agreement seeks to enhance bilateral trade by facilitating market entry and eliminating significant barriers. "This agreement is of great importance," stated Foreign Secretary Vikram Misri, indicating that the legal review process is nearly concluded. Trade Minister Piyush Goyal will accompany Modi for the signing ceremony. During his fourth visit to the UK since 2014, Modi will also engage with Prime Minister Keir Starmer and business leaders to discuss varied matters such as trade, energy, and security. The bilateral trade between the two nations reached $55 billion in the fiscal year 2023/24. Concurrently, the prospects for a U.S.-India interim trade deal appear to be diminishing as Washington's August 1 deadline approaches, with discussions stalled over tariffs on agricultural and dairy products.