New Delhi, May 17 -- The bilateral trade between India and UK will increase by around 15 per cent annually until calendar year 2030 under the Free Trade Agreement (FTA) signed between the two countries recently, said CareEdge in a report.

The UK and India entered into a FTA on May 6, following approximately three years of negotiations.

Under the agreement, India will reduce tariffs on 90 per cent of British goods, with 85 per cent becoming completely duty-free over a period of ten years. In return, Britain has agreed to lower its tariffs on certain products, resulting in 99 per cent of India's exports to the UK facing zero duties.

"Once the FTA is effective, the trade value between these two economies is expected to increase by around ...