The Union Cabinet has approved the long-pending free trade agreement (FTA) between India and the United Kingdom, which is scheduled to be signed in London on July 24 during Prime Minister Narendra Modi’s visit, PTI reported citing official sources.The pact, formally called a Comprehensive Economic and Trade Agreement, was finalised on May 6 after multiple rounds of negotiations. The signing will take place during Modi’s four-day visit to the UK and Maldives, beginning Wednesday. Commerce and Industry Minister Piyush Goyal will accompany the Prime Minister to London for the formal signing.The trade agreement seeks to remove taxes on exports of labour-intensive products such as leather, footwear and apparel, and to make imports of whisky and cars from the UK cheaper, as both sides target doubling bilateral trade to $120 billion by 2030.The pact includes provisions on goods, services, innovation, government procurement, and intellectual property rights. The text of the agreement is typically signed by the commerce ministers of both countries.Post-signing, the FTA will require ratification by the British Parliament before it can come into effect.Negotiations have also been concluded on a Double Contribution Convention Agreement, or social security pact, which would allow Indian professionals working for a limited period in the UK to avoid double contribution to social security funds.However, discussions are still ongoing on the proposed bilateral investment treaty (BIT), which is being negotiated separately, reported PTI.Once signed and ratified by both countries, the FTA will come into force. Such trade agreements typically involve eliminating or significantly reducing customs duties on a wide range of goods and easing norms to promote services trade and investment flows.India’s exports to the UK rose 12.6% to $14.5 billion in 2024-25, while imports grew 2.3% to $8.6 billion. The total bilateral trade stood at $21.34 billion in 2023-24, up from $20.36 billion in the previous year.