New Delhi, July 24 -- India and the United Kingdom have finalised a landmark Free Trade Agreement (FTA) aimed at significantly boosting bilateral trade and benefiting multiple labour-intensive industries.

The deal, signed after over three years of negotiations, is expected to open new opportunities for Indian exports in sectors like leather, textiles, gems and jewellery, and new sports goods.

Under the agreement, the UK will eliminate tariffs on 99% of Indian exports, providing a competitive edge to Indian manufacturers.

In return, India will gradually reduce or eliminate duties on 90% of British goods over the next decade.

This reciprocal arrangement is expected to strengthen trade ties and promote economic growth in both nations.

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