The recently signed Free Trade Agreement (FTA) between India and the United Kingdom is being hailed as a major boost for Indian industry, with key benefits expected across multiple sectors.
Amit Jain, Chairman of the Confederation of Indian Industry (CII), Punjab, described the FTA as a “win-win” for both nations. Highlighting the impact on Punjab’s industrial hubs, he said, “Ludhiana’s textile and manufacturing sectors will benefit significantly. The removal of tariffs gives our exporters a much-needed competitive edge.”
Previously, countries like Bangladesh enjoyed preferential access to the UK market, putting Indian exporters at a disadvantage. “This FTA levels the playing field. Now Indian manufacturers can compete on equal terms,” Jain added.
The agreement not only eliminates tariffs on a wide range of goods and services but also encourages joint ventures and technology partnerships between UK and Indian firms. “This is more than just a trade deal—it’s a strategic step toward innovation and quality enhancement,” said Jain.
SC Ralhan, President of the Federation of Indian Export Organizations (FIEO), echoed these views. “Our exporters faced duties between 5% and 25%. With duty-free access, Indian products will now be far more competitive in the UK,” he noted.
Ralhan urged Indian industry to scale up production to take full advantage of the new opportunities. “We must ramp up manufacturing and exports to fully leverage this golden opportunity,” he emphasized. Looking ahead, industrialists are hopeful that a similar FTA with the European Union will follow, opening access to an even broader market.
News Curtesy: KNN India