India-UK FTA to benefit farmers, fishermen, MSMEs: Piyush Goyal
New Delhi, June 23
Commerce and Industry Minister Piyush Goyal said on Tuesday that the India-UK Comprehensive Economic and Trade Agreement is a truly people-centric pact that will benefit Indian farmers, businesses, artisans, and people across the country.
"By unlocking the premium UK market, it creates attractive global opportunities for women entrepreneurs, youth, startups and MSMEs, while empowering the underprivileged without compromising India's core interests," the minister said in a post on X.
He further stated that the landmark agreement will help Indian farmers, fishermen, artisans and small businesses prosper globally and accelerate job creation, while enabling the common man to access high-quality goods at competitive prices.
The transformational win-win agreement, which comes into force on July 15, will ensure comprehensive market access for Indian goods in the UK across sectors, particularly labour-intensive ones. It will immediately eliminate tariffs on about 99 per cent of tariff lines, covering almost 100 per cent of trade value, creating enormous opportunities for Indian exports, Goyal said in a detailed article.
The CETA was signed last year in the presence of PM Narendra Modi and British Prime Minister Keir Starmer. It delivers benefits across society. Farmers gain access to premium export markets without compromising their domestic interests. Fisherfolk benefit from enhanced seafood exports to the vast UK market. Workers gain new employment opportunities in labour-intensive sectors. Women entrepreneurs, youth, start-ups and MSMEs receive improved access to global value chains. Professionals benefit from enhanced mobility and recognition opportunities, the minister observed.
He further stated that the agreement unlocks benefits in the UK market for Indian farmers that match or exceed the benefits enjoyed by other European nations. Turmeric, pepper, cardamom and processed goods such as mango pulp, pickles, and pulses will receive duty-free access. Higher agricultural exports will boost farm incomes and create greater incentives for quality, packaging and certification. It will also generate numerous jobs across the agricultural value chain.
At the same time, CETA excludes India's most sensitive agricultural sectors to protect domestic farmers, particularly those involved in dairy products, cereals, millets, apples, oats, and cooking oils. These exclusions reflect the government's strategy of prioritising food security, domestic price stability and vulnerable farming communities, the minister added.
He also highlighted that immediate duty-free access to the vast UK market will rev up Indian manufacturing, allowing traditional artisans, large-scale factories, and regional industrial hubs to compete effectively. Small businesses will prosper as Indian products gain a clear competitive edge over rivals. Companies manufacturing soccer balls, cricket gear, rugby balls and toys, among other products, are poised to significantly expand their business in the UK. The removal of duties addresses longstanding tariff barriers, particularly in labour-intensive sectors, and is expected to generate immediate gains in export competitiveness and scale.
From the looms of Tiruppur to the labs of Bengaluru, from diamond artisans in Surat to coders in Hyderabad, this agreement touches the real economy, he added,
— IANS
Reader Comments
I'm cautiously optimistic. While this sounds wonderful on paper, we must ensure our dairy farmers and small-scale producers are truly protected. The exclusion of dairy products is a wise move, but what about the impact on local prices? Need to monitor closely.
Great news for Tiruppur's textile industry! We've been struggling with tariffs for years. This could revive many small units and create thousands of jobs. 🎉 But let's see how the new compliance standards work - hope our exporters get proper training.
Notice how the government always talks about 'empowering the underprivileged' but rarely shows actual data on how many farmers or fishers benefited after similar agreements? I hope this time it's different. The exclusion of sensitive items is good, but the real test will be in execution.
As someone from Surat, I can tell you our diamond industry is really excited about this! 🇮🇳 The UK is a major market for our artisans. But we need the government to also focus on skilling our workers and improving certification standards to compete globally.
I'm a small business owner making organic pickles in Karnataka. This FTA could be a massive opportunity for us to export to the UK! But the paperwork is daunting - hope there's some handholding for MSMEs to navigate customs rules and quality requirements. 🤞
S We welcome thoughtful discussions from our readers. Please keep comments respectful and on-topic.