NewKerala.com

Key Points

India and the United Kingdom have signed a groundbreaking Free Trade Agreement that promises to transform bilateral economic relations. The deal will potentially double trade to $120 billion by 2030, offering zero-duty access for Indian exports across multiple sectors. Prime Minister Modi's strategic vision has been credited with driving this landmark economic partnership. The agreement opens significant opportunities for Indian farmers, fishermen, SMEs, and youth in services industries.

Key Points: Modi's India-UK FTA Unlocks $120 Billion Trade Potential

  • Modi's visionary leadership drives landmark economic partnership
  • FTA promises to double bilateral trade by 2030
  • Zero duty access for Indian agricultural and marine exports
  • Massive opportunities for SMEs and youth in services sector
2 min read

India-UK FTA a landmark moment for bilateral economic ties

India-UK Free Trade Agreement opens massive economic opportunities across agriculture, technology, and services sectors with zero tariffs.

India-UK FTA a landmark moment for bilateral economic ties
"The signing of the FTA marks the beginning of a new era of strategic collaboration - Prashant Ruia, Essar Group CEO"

New Delhi, July 24

The signing of the India-UK Free Trade Agreement (FTA) is a landmark moment for the bilateral economic relations, industry veterans said on Thursday.

Prashant Ruia, Group Chief Executive, Essar, said this is a watershed moment in India-UK economic relations.

"The signing of the Free Trade Agreement (FTA) under the visionary leadership of Prime Minister Shri Narendra Modiji, marks the beginning of a new era of strategic collaboration between the two nations. By lowering tariffs, easing market access, and deepening services and investment flows, this landmark deal unlocks immense potential for both economies," Ruia emphasised.

The FTA has opened up preferential access for India's farmers to the UK's $37.5 billion agricultural market while India fully protects its sensitive sectors like dairy, vegetables, apples, cooking oils and oats, according to an official statement. There is also a massive gain for rural India and exporters with zero duty on processed foods compared with up to 70 per cent earlier.

"The signing of the India-UK Free Trade Agreement is a landmark moment for Indian industry. We commend both governments for finalising a deal that promises to catalyse bilateral trade, enhance competitiveness of Indian SMEs, and open new doors for industries in manufacturing, services, and technology sectors. The agreement is a testimony to the strategic depth that will lead to doubling of bilateral trade to over $120 billion by 2030 with UK," said Hemant, Jain, President, PHDCCI.

The trade pact also gives a big catch to Indian fishermen as the $5.4 billion UK market opens up for marine exports with the UK's import duty on marine products to come down to zero from up to 20 per cent earlier. The free trade agreement opens up new opportunities for India's youth who will benefit from more jobs and higher wages in services sectors like IT, finance and consultancy.

- IANS

Share this article:

Reader Comments

P
Priya S
As someone working in IT sector, I'm excited about the job opportunities this FTA will create. But I hope the benefits actually reach middle-class professionals and aren't just limited to big corporates. The wage growth promise sounds good if implemented properly.
R
Rohit P
While the agreement looks promising, I'm concerned about small businesses. Will they get proper support to meet UK standards? Government should conduct workshops to help SMEs understand compliance requirements. Otherwise only big players will benefit.
S
Sarah B
The marine products provision is a game-changer for coastal communities! 🐟 My uncle's shrimp export business in Kerala was struggling with high tariffs. This zero-duty access could revive hundreds of such small exporters across our coastline.
V
Vikram M
Good step but implementation is key. Remember how many FTAs in past failed to deliver promised benefits? Government must monitor actual trade figures quarterly and make course corrections if needed. Also need to watch for dumping of UK goods in our markets.
K
Kavya N
As a finance professional, I'm most excited about the services sector opportunities. If Indian consultancy firms can expand in UK market, it will create high-value jobs here. Hope our education system upgrades quickly to meet global skill demands this FTA will bring.

We welcome thoughtful discussions from our readers. Please keep comments respectful and on-topic.

Leave a Comment

Minimum 50 characters 0/50