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The Indian government is launching a comprehensive outreach initiative over the next 20 days, involving 1,000 programs such as stakeholder meetings and workshops, to raise awareness about the recently signed India-UK trade agreement. Commerce and Industry Minister Piyush Goyal is leading sector-specific discussions and planning visits to various states to ensure industries understand and capitalize on the opportunities presented by the agreement.
This initiative will focus on traditional products like Bhagalpur silk, Pashmina shawls, and Kolhapuri chappals, which will benefit from duty concessions under the pact. The agreement is designed to eliminate 99% of Indian export tariffs to the UK, with the goal of doubling current trade value by 2030.
For India, the deal will enhance market access for textiles, jewelry, and marine products. Conversely, the UK will see reduced tariffs on cars, whisky, and cosmetics entering the country. Additionally, the pact facilitates the expansion of Indian financial services in the UK without requiring stringent social security contributions.
📚 Reading Comprehension Quiz
What is the primary goal of the India-UK trade agreement as mentioned in the passage?
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