New Delhi, July 25 -- India and the UK have finally signed their long-awaited free trade agreement, expected to take two-way trade to $120 billion in the next five years. Broadly, the pact will result in tariff barriers being eliminated across all kinds of goods.

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As for shielded sectors, the provisions include India cutting its duty on Scotch whisky bit by bit over a decade and slashing it on British medical devices and aerospace products to special rates.

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The UK will drop tariffs on Indian textiles, footwear, gems and jewellery and seafood to zero. These labour-intensive sectors, some of...