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.
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.
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