New Delhi, July 25 The free trade agreement (FTA) between the UK and India is the result of increased trust between the two countries, primarily because of the visionary leadership of Prime Minister Narendra Modi, said Vedanta Group's non-executive chairman Anil Agarwal on Friday.
In an exclusive conversation with IANS, Agarwal highlighted the efforts of both nations and called the India-UK Free Trade Agreement (FTA) a unique and historic accomplishment that will benefit both countries.
According to Agarwal, the deal will further improve bilateral ties.
“Britain has a legacy of 400–500 years of industrial and technological experience, which India can benefit from immensely,” Agarwal said.
The UK has advanced technology in sectors such as nuclear energy, defence, and automobiles, whereas India can export textiles, consumer goods, and everyday products, Agarwal added.
This agreement is expected to reduce duties on Indian exports by 90–95 per cent, potentially boosting trade between the two countries to $30 billion, he further said.
According to the Indian businessman, the trade agreement with the UK marks just the beginning and could have a wider impact across Europe, opening up more future opportunities.
Calling it a historic moment, Agarwal shared that discussions were held among industrialists from both nations during the signing of the agreement.
“The FTA was concluded in a very positive environment. It was necessary for both countries, and it has unlocked new avenues for bilateral engagement,” he said.
Praising PM Modi's historic visit, Agarwal said that the Prime Minister's charisma deeply impressed people in London as he interacted warmly with everyone, visited local tea stalls, enjoyed masala chai, and engaged with people at every booth.
Under the agreement, India will reduce tariffs on 90 per cent of UK-origin goods, while the UK will lower duties on 99 per cent of Indian exports.
This is expected to significantly ease customs procedures and regulatory barriers across sectors. The FTA also aims to bring Indian agricultural exports on par with major European players like Germany.
Moreover, zero-duty access for Indian textiles and leather goods is expected to enhance India’s competitive edge over regional exporters such as Bangladesh and Cambodia.
According to officials, UK exports to India are projected to increase by approximately 60 per cent in the long term as a result of the agreement.
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