India and the UK on Thursday inked a landmark free trade agreement (FTA) that will cut tariffs on British whisky, cars and an array of items, besides boosting bilateral trade by around USD 34 billion annually.

The deal was signed by Commerce Minister Piyush Goyal and his British counterpart Jonathan Reynolds in the presence of Prime Minister Narendra Modi and his British counterpart Keir Starmer.

The FTA is expected to benefit 99 per cent of Indian exports from tariffs and will make it easier for British firms to export whisky, cars and other products to India, besides boosting the overall trade basket, according to Indian officials.