India-UK signing of trade pact on July 24; Piyush Goyal to accompany PM Modi

New Delhi: Commerce and Industry Minister Piyush Goyal will accompany Prime Minister Narendra Modi to London for the signing of the free trade agreement between India and the UK on July 24, an official said on Monday.

The two countries announced the conclusion of the negotiations for the trade agreement on May 6.

The trade pact proposes to remove taxes on the export of labour-intensive products such as leather, footwear and clothing, while making imports of whisky and cars from Britain cheaper, in a bid to double trade between the two economies to $120 billion by 2030.

Prime Minister Narendra Modi will pay a four-day visit to the United Kingdom and the Maldives beginning Wednesday with an aim to shore up bilateral ties in areas of trade, investment and defence.

The commerce minister will accompany the Prime Minister during the visit, the official said.

Once the free trade agreement is signed, it will require approval from the British Parliament and India's Cabinet before it can take effect. It will take about a year for implementation after the signing of the deal.