London, July 25 (IANS) Ashish Kumar Chauhan, MD and CEO of National Stock Exchange (NSE), said here on Friday that the landmark India-UK Free Trade Agreement (FTA) is an indication of several such trade pacts in the near future under the leadership of Prime Minister Narendra Modi.

Speaking to IANS here, Chauhan said that the talks on the India-UK FTA were ongoing for three-four years.

“When talks first began 4–5 years ago, the UK was under a Conservative government. Since then, there have been regime changes but the way both the Conservative and the Labour parties supported finalising the FTA is commendable,” he emphasised.

According to Chauhan, the India-UK FTA will pave the way for several such trade pacts with other nations, like the US, the EU and Japan etc, in the near future.

India and the EU are aiming to reach an agreement on a free trade deal by the end of 2025. The coming months will be crucial for India’s global trade relations, as the government intensifies negotiations with major partners such as the EU and the ASEAN bloc. Meanwhile, talks with the US are also gaining pace.

“The world has seen the tremendous progress India has achieved in the last 11 years under PM Modi, and the FTA will bring a better future for several industries,” said the NSE CEO.

According to Chauhan, the landmark pact also brings major relief to Indian professionals working in the UK, who will now be exempt from paying up to three years of social security tax — resulting in estimated annual savings of Rs 4,000 crore.

“The new visa framework further enables extended professional stays in the UK. This deal sets a template for future FTAs with other economies such as the US, EU, and Japan, removing longstanding trade barriers and opening up cooperation in high-tech exports, mobile manufacturing, and semiconductors,” said Chauhan.

–IANS

na/pgh