The India-UK Free Trade Agreement (FTA), signed on Thursday, is a pivotal movement for India’s economic landscape. It set to be a major boost for Indian manufacturing and local entrepreneurs as the removal of tariff barriers would act as a catalyst for Indian labour-intensive goods to compete in the British market.
In a post on X, Commerce and Industry Minister Piyush Goyal said that the FTA will allow duty-free access to about 99 per cent of Indian exports, unlocking nearly $23 billion in opportunities for labour-intensive sectors.
Understanding FTA In Detail
For Indian manufacturing, this free trade deal, officially known as Comprehensive Economic and Trade Agreement is a game changer. Industries suFTAch as textiles, leather, footwear, and apparel, which are significant employers, will see duties on their exports to the UK eliminated, making them more price-competitive.
Piyush Goyal’s latest tweet gives a glimpse of what kinds of Indian products specific to different states will benefit from the deal.
The India-UK agreement, which would provide a level playing field for Indian products in the British market. Moreover, the direct cost advantage will double trade between the two economies from $56 billion at present to around $120 billion by 2030.
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