New Delhi, July 24 -- Industry trade bodies and industry leaders have welcomed the signing of the India-UK Free Trade Agreement (FTA), terming the deal a "transformational milestone in bilateral economic relations" of the two countries.

India and the UK signed a Comprehensive Economic and Trade Agreement (CETA) on Thursday, aimed at providing greater access to goods and services between the two countries.

Industry body Confederation of Indian Industry (CII), in a statement, added, "Once implemented, the India-UK FTA is expected to reduce trade barriers, enhance investor confidence, and promote joint ventures and technology transfers, especially in labour-intensive sectors like textiles and apparel, leather and leather goods, gems and je...