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This week's edition brings you crucial insights on India's Free Trade Agreement with the UK, India’s discussions with the Nordics and more must-know news.
Coming this week: our first special feature! Fellow Risers Kanwar Vivswan (Osborne Clarke) and Janine Haesler (Vischer) will share their expert analysis on the EU-India Free Trade Agreement.
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Rise of the Week: India-UK Free Trade Agreement and Its Signal to the EU
After three years of negotiations, the UK and India signed a Free Trade Agreement (FTA) to strengthen their strategic partnership. The FTA is not only considered an important milestone for both countries, but demonstrates the nations’ willingness to compromise, and India’s push for FTAs globally in 2025 with the India-EU FTA taking center stage.
According to The Economic Times and the World Economic Forum, compromises were particularly achieved in three key areas:
Labour migration: India scaled back its initial demands for reduced visa restrictions, ultimately accepting the status quo with minimal changes.
Tariff reductions: The FTA slashes tariffs on 90% of UK exports to India, with particularly notable cuts in consumer products (i.e. whisky and gin from 150% to 40%, automotive from 100% to 10%). 99% of goods from India to the UK won’t face any import duties at all any longer. Also some service sectors (not legal services) gained improved market access.
Agriculture: food products were included in the agreement in both directions.
Total trade in goods and services between both countries was at around USD 57 Billion in 2024, with the following top 5 to and from India respectively:
Source: UK Department for Business & Trade via World Economic Forum (2025)
While a political win for the leadership in both the UK and India, the India-UK FTA also sends a positive signal to the international community. Viraj Mehta, Head of Regional Agenda, India and South Asia at the World Economic Forum:
The deal between India and the UK is particularly important in a global environment of rising trade tensions and highlights the critical role of partnerships for shared progress and prosperity.
The FTA shows the continuation of globalisation in spite of ongoing tariff discussions with the US. With the India-EU FTA targeted for completion in 2025, the UK deal could offer valuable insights into India's negotiation approach and willingness to compromise.
More details about the agreement will emerge in the coming weeks and months. In the meantime, our fellow Risers Kanwar and Janine will share their insights on the India-EU FTA, incl. India’s approach to trade agreements, in a special issue in the coming days. Stay tuned!
Sources: The Economic Times, Government UK, World Economic Forum
What Else is Rising?
India Strengthens Ties With Nordic Countries
As shared in the past issues, India had been busy in bilateral discussions with various European countries including Germany, France, Italy, the Netherlands, and alongside the ongoing talks on India-EU level. This diplomatic push was further complemented by talks with Finland, Norway and Denmark.
According to GIP Digital Watch, India’s Prime Minister Modi spoke with Finland’s President Alexander Stubb and Denmark’s Prime Minister Mette Frederiksen about stronger collaborations in
Technology (quantum computing, 5G/6G, AI, cybersecurity etc.)
Sustainability
Mobility
Stubb highlighted stronger ties between Finland and India in the context of the India-EU FTA, signaling Nordic support for a larger economic partnership. Meanwhile, Modi highlighted the various environmental collaborations India has with Denmark. Following those conversations, India and Denmark also proactively renewed their Memorandum of Understanding (MoU) for collaborations in the energy sector (The Economic Times).
Good ties with Nordic countries are not new for India. On March 10, 2024, India signed the India-EFTA Trade and Economic Partnership Agreement (TEPA) with the EFTA, an inter-governmental organisation set up in the 1960s between Switzerland, Iceland, Norway and Liechtenstein (The Economic Times).
The TEPA represents a major economic commitment, with EFTA nations agreeing to invest USD 100 Billion in India over 15 years. A meeting between Piyush Goyal, Commerce Minister India, and Norwegian Minister of Foreign Affairs Espen Barth Eide was focused on its process:
We discussed the implementation of the India-EFTA Trade and Economic Partnership Agreement (TEPA), strengthening bilateral ties, and boosting trade and investment between our nations.
These discussions set the stage for the third India-Nordic Summit scheduled in Norway later this year. Expanding trade, climate protection and peace efforts will be the main agenda points and confirm the broader momentum of the Indo-European collaboration.
Sources: GIP Digital Watch, The Economic Times, EFTA Trade Statistics
Quick Risers
The German company Celonis, a global leader in process mining and process intelligence, launches its Global Innovation Hub in Bengaluru. Intention is to co-innovate with customers and partners and the move confirms the company’s expansion in the region. (Source: Celonis)
Per its World Economic Outlook April 2025, the IMF reportedly expects India to overtake Japan as 4th largest economy in 2025. (Source: Times of India)
The Norwegian-Indian aerospace startup SiriNor completed the on-the-ground testing of its scaleable electric jet engine in Pune. (Source: Indian Web2)
The Dutch tech investor Prosus has invested USD 8.6 Billion in India and confirms the country’s opportunity. Prosus is invested in Swiggy and Rapido, amongst others. (Source: Times of India)
The French multinational Thales said that India is its largest market for cybersecurity and has been hiring large numbers of engineers. (Source: Telecom - The Economic Times)
India remains a key growth driver for multinational consumer goods brands. Companies such as L’Oreal, Unilever, PepsiCo or Procter & Gamble mentioned India as key growth driver in their respective quarterly earnings calls. (Source: The Economic Times)
Spotlight: Special Content for India Rising
Special content for India Rising incoming. Expect guest articles from fellow Risers, and more.
Special Content Announcement: EU-India Free Trade Agreement
Stay tuned for the first guest post focusing on the India-EU Free Trade Agreement in light of recent agreements and India’s trade strategy. To be released with India Rising this week!
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Curiosity Corner
Your random facts and stories about India and the Indo-European friendship.
This week: The Origin of Chess - A Journey from Ancient India
Chess, one of the world's most popular strategic board games, traces its origins back to ancient India. Known initially as "Chaturanga", this early form of chess emerged around the 6th century. Chaturanga, which translates to "four divisions of the military" - infantry, cavalry, elephants, and chariots - reflected the military strategy of the time and was played on an 8x8 grid, much like modern chess.
From India, the game spread to Persia, where it was called "Shatranj". The Persians refined many of the rules and introduced concepts such as "Shah" (the King) and "Shah Mat" (the King is helpless), which evolved into the modern term "checkmate".
As Islamic conquests expanded, so did the game, reaching the Arab world and eventually Europe. By the 15th century, chess had evolved into a form more recognizable today, with pieces like the Queen and Bishop gaining prominence.
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