India-UK Free Trade Agreement: A Landmark Deal for Mutual Growth
Harjinder Kang, the HM Trade Commissioner for South Asia and British Deputy High Commissioner for Western India, delivered an insightful session on the India-UK Free Trade Agreement at the Bangalore Chamber of Industry & Commerce (BCIC). During this event, Chandru Iyer, the British Deputy High Commissioner for Karnataka and Kerala, as well as HM Deputy Trade Commissioner for South Asia (Investment), also spoke to BCIC members about how this strategic partnership can unlock new opportunities for bilateral growth and collaboration.
Key Highlights of the Agreement
The India-UK FTA aims to double bilateral trade between the two nations by 2030. Key highlights of the agreement include:
99 percent Duty-Free Access: Indian goods, including textiles, leather, footwear, marine products, and engineering products, will have zero-duty access to the UK market.
Reduced Tariffs: India will reduce tariffs on 90 percent of British products, including whisky, gin, cosmetics, and automotive components.
Sectoral Benefits: The agreement will foster mutual growth between the two nations, with benefits for both countries in various sectors.
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Potential Impact
The FTA is expected to have a significant impact on both economies:
Job Creation: The agreement may support job creation in India, particularly in labor-intensive sectors.
Technology Transfer: The FTA may promote technology transfer, investment, and innovation across various sectors.
Increased Participation: The agreement may act as a catalyst to boost Indian participation in IT, finance, and digital trade services through commitments on services and professional mobility.
Prashant Gokhale, President, BCIC says, "The India-UK FTA is a landmark deal that will usher in a new era of cooperation and mutual growth between the two nations. We believe that this agreement will have a significant impact on our economies and will support job creation, technology transfer, and innovation."
"With its potential to double bilateral trade by 2030, this agreement is expected to have a lasting impact on both economies," Prashant adds.
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CA K. Ravi, Senior Vice President, BCIC and Chairman of the International Business Expert Committee says, "Lowering trade barriers and fostering sectoral collaboration could create fresh opportunities for industries such as manufacturing, services, and technology, while boosting competitiveness and attracting new investments. For Karnataka, with its thriving sectors in aerospace, IT services, advanced manufacturing and renewable energy, this agreement could unlock unprecedented opportunities for collaboration and market access."