New Delhi, May 8 -- The Free Trade Agreement (FTA) between India and the United Kingdom represents a strategic global trade realignment aimed at reducing dependence on China, navigating challenges from US tariffs, and helping the UK reshape its post-Brexit economy, according to a report by the State Bank of India (SBI).

The multi-billion-pound agreement will reduce tariffs on 90 percent of traded goods, benefiting businesses on both sides.

"FTA signal a new global trade strategy, bypassing China's dependence, navigating US tariffs and reshaping post BREXIT Britain," the report stated.

The deal is projected to increase bilateral trade between India and the UK by EUR 25.5 billion in the long term while raising the UK's GDP by EUR 4.8 bil...