New Delhi, May 16: The bilateral trade between India and the United Kingdom (UK) is expected to increase by around 15 per cent annually until 2030, factoring in the aspect that the free trade agreement (FTA) will come into effect in a year, a report showed on Friday.

The recently concluded free trade agreement (FTA) between India and Britain offers a strategic opportunity for Indian companies to expand their footprint in the UK market, stimulate domestic manufacturing and contribute to economic growth, according to the report by CareEdge Ratings.

“This landmark FTA also fosters investment, joint ventures, and collaboration in the service sector, thereby deepening economic ties. Going forward, this agreement marks a pivotal shift in India-UK economic relations, unlocking new opportunities for businesses, strengthening manufacturing, and enriching consumer markets,” said D Naveen Kumar, Associate Director, CareEdge Ratings.

Currently, the trade value between the United Kingdom (UK) and India is approximately 2 per cent of India’s total trade value, although it has been growing steadily at a compound annual growth rate (CAGR) of 11 per cent over the last decade.

The UK and India entered into a free trade agreement (FTA) on May 6, following approximately three years of negotiations.

Under the agreement, India will reduce tariffs on 90 per cent of British goods, with 85 per cent becoming completely duty-free over a period of 10 years. In return, Britain has agreed to lower its tariffs on certain products, resulting in 99 per cent of India’s exports to the UK facing zero duties.

“Some of the benefits of FTA for Indian exporters would include improved market access, stable supply chains, increased competitiveness, higher volumes and new avenues for growth,” the report mentioned.

The FTA is expected to boost India’s exports by significantly reducing tariffs, easing trade barriers leading to improved market access and make Indian products more price competitive, thereby increasing their demand in the UK.

Additionally, this has provided some relief to exporters who have been facing sluggish sales and uncertainty about potential reciprocal tariffs from the US.

In key sectors such as automobiles, whisky, industrial machinery, and pharmaceuticals, significant gains are set to be made through steep tariff reductions and simplified regulations.

According to the report, the India–UK FTA is poised to create substantial opportunities for Indian gems and jewellery makers by tapping into the UK’s affluent consumer base and well-developed luxury market.

The tariffs range from 8 per cent to 14 per cent for various electrical and engineering goods. With their removal under the India–UK FTA, Indian manufacturers are poised to gain a clear competitive edge over other global suppliers, said the report.

Doha, May 15: Qatar and the US signed here a series of deals to boost bilateral cooperation following a meeting between the two heads of state, according to a statement from the Emiri Diwan, the administrative office of the Qatari Emir.

The two sides on Wednesday signed a purchase agreement for Boeing aircraft, which is described by the White House in a fact sheet elaborating on some of the deals as a “historic” sale order worth $96 billion, with Qatar Airways’ acquisition of up to 210 Boeing 787 Dreamliner and 777X aircraft, Xinhua news agency reported.

Qatar and the US also signed a statement of intent on defence cooperation, outlining over $38 billion in potential investments, including support for burden-sharing at Al Udeid Air Base in Qatar and future defence capabilities related to air and maritime security.

In addition, two letters of offer and acceptance were signed, one for US General Atomics MQ-9B drones and the other for a counter-drone system developed by US defence firm Raytheon, with the US securing agreements valued at about $3 billion in total, according to the White House fact sheet.

A joint declaration of cooperation between the two governments was also signed.

Prior to the signing ceremony, Qatari Emir Sheikh Tamim bin Hamad Al Thani and US President Donald Trump held talks on a range of bilateral issues, with a particular focus on investment, energy, military, and security cooperation.

They also discussed regional and international developments, particularly those in the Middle East, with the Qatari Emir emphasising the importance of promoting peace and stability in the region.

The US President has thanked his Qatari hosts for having helped “negotiated the release of the last living American hostage in Gaza, Edan Alexander”.

“Hopefully, this is a stepping stone for getting the rest of the hostages back,” Trump said as he spoke at a state dinner in Lusail Palace.

Trump also revisited some of his usual talking points, speaking about his 2024 election success and reported increases in military recruitment in the US.

The meeting came during Trump’s visit to the Gulf state, part of his first major overseas tour since taking office in January — a trip that also includes stops in Saudi Arabia and the United Arab Emirates.

Mumbai, May 14: The Indian defence sector has witnessed a sharp rise in its market capitalisation, gaining an impressive Rs 86,211 crore since the Pahalgam terror attack, which claimed 26 lives.

The bull rally began after the Indian armed forces launched ‘Operation Sindoor,’ a major precision strike on terrorist infrastructure in Pakistan and Pakistan-occupied Kashmir (PoK).

This operation, India’s largest tri-service action since the 1971 war, significantly boosted the confidence in defence stocks. Despite the heightened geopolitical tensions, shares of defence companies surged.

As a result, the Nifty India Defence Index, which tracks the performance of leading defence stocks, has gained 9.39 per cent since the start of the military action, a remarkable contrast to the 1.98 per cent increase in the benchmark Nifty during the same period.

Paras Defence and Space Technologies Limited led the rally, with its share price rising nearly 40 per cent since April 22. Garden Reach Shipbuilders and Engineers Limited followed closely, seeing a gain of more than 28 per cent, as per market data.

Mishra Dhatu Nigam Limited and Bharat Dynamics also posted strong performances, each rising over 26 per cent. Other notable performers include Data Patterns India and DCX Systems, both of which saw returns of over 20 per cent.

The surge in the sector has also been reflected in the market capitalisation contributions of major players. Bharat Electronics Ltd (BEL) has added Rs 23,683 crore to the sector’s market value, while Hindustan Aeronautics Ltd (HAL) and Bharat Dynamics have contributed Rs 21,654 crore and Rs 12,345 crore, respectively.

Other companies, such as Mazagon Dock Shipbuilders and Solar Industries, have also played a significant role in the overall market cap gain, contributing Rs 9,971 crore and Rs 6,859 crore, respectively.

Meanwhile, the domestic defence sector remained a standout performer on Wednesday, attracting consistent interest from investors even as broader markets faced some intra-day volatility.