New Delhi [India], July 26 : The India-UK Free Trade Agreement, signed by Prime Minister Narendra Modi and UK Prime Minister Keir Starmer, is set to revolutionise trade between the two nations. Minister of Trade and Industry Piyush Goyal hailed the agreement as "game-changing" for India's farmers, businessmen, MSME sectors, youngsters, and fishermen.
Goyal, while addressing a press conference, emphasised that out of all FTAs signed so far, the India-UK FTA has been the biggest, most comprehensive, and most important, highlighting that 99% of India's exports to the UK will now be duty-free.
With Cabinet approval already granted in India, the agreement awaits parliamentary approval in the UK. Once implemented, it will enable 99% of Indian exports to enter the UK duty-free, providing a significant boost to India's economy.
"PM Narendra Modi and UK PM Keir Starmer signed a Free Trade Agreement. Cabinet approval has been given in India, but Parliamentary approval in the UK is pending. It will be a game-changing FTA that will provide immense opportunities and benefits to India's farmers, businessmen, MSMEs, youngsters, and fishermen. Out of all FTAs signed so far, the India-UK FTA has been the biggest, most comprehensive, and most important... This FTA has been signed on our terms... 99% of our exports will be able to go to the UK, duty-free...," said Goyal.
He highlighted the difference in approach between the current government and the previous UPA government. "UPA government signed FTAs with our competitors, with those countries who would sell their products in India for cheaper prices to destroy India's manufacturing sector," he said. In contrast, the current government has signed FTAs with countries that complement India, such as Mauritius, Australia, EFTA countries, UAE, and now the UK.
The UK-India Comprehensive Economic and Trade Agreement will be a significant step towards achieving India's dream of becoming a developed nation, or Viksit Bharat. As India continues to strengthen its trade ties with other countries, it is poised to become a major player in the global economy.
"UPA government signed FTAs with our competitors, with those countries who would sell their products in India for cheaper prices to destroy India's manufacturing sector... The FTAs signed during the UPA rule were not in the best interests of the country. FTAs signed by PM Narendra Modi are with Mauritius, Australia, EFTA countries, UAE, and now the UK. Discussions are underway with other developed countries. India now signs FTAs with countries that do not compete with us, but complement us. The UK-India Comprehensive Economic and Trade Agreement will prove to be a stepping stone towards our dream of a Viksit Bharat...," said Goyal.
The agreement will also protect India's intellectual property, such as the design of Kolhapuri chappals. When a global brand used the design without permission, the Commerce Ministry took immediate action. With this agreement, India will receive due credit for its GI product, and the Kolhapuri Chappal is expected to become a significant success in the international market, with a potential business of Rs 8,000-10,000 crores.
"... When a global brand used the design of our Kolhapuri chappals, the Commerce Ministry immediately took action on it. Going forward, when the Kolhapuri chappal is exported, India will get the due credit for its design. It is India's GI product. Many global brands are expressing their desire to associate their names with India's products and sell them in global markets. The Kolhapuri Chappal can have a business of Rs 8000-1000 crores in the international market," added Goyal.
The much-awaited India-UK Free Trade Agreement was signed on Thursday, in the presence of Prime Ministers Narendra Modi and his British counterpart, Keir Starmer, during PM Modi's two-day visit to the UK.
On May 6, Prime Minister Modi and Prime Minister Starmer announced the successful conclusion of a mutually beneficial India-UK Free Trade Agreement (FTA). This forward-looking Agreement is aligned with India's vision of Viksit Bharat 2047 and complements the growth aspirations of both countries.
Both nations desire to increase their trade to USD 120 billion by 2030. On Thursday, the UK government said that India's average tariff on UK products will drop from 15 per cent to 3 per cent under the India-UK FTA.
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