India-UK Trade Deal Incoming? Major Economic Pact Likely on July 24
| India-UK Trade Deal Likely On July 24-Sources In a major development, India and the United Kingdom are likely to seal their long-awaited Free Trade Agreement (FTA) on July 24, according to top government sources. This pact is expected to significantly boost bilateral trade, investments, and economic cooperation, creating new opportunities for industries, startups, and job growth on both sides.The deal, years in the making, aims to remove trade barriers, enhance market access, and strengthen strategic ties between the two nations. With sectors like defense, pharma, textiles, and technology in focus, the agreement could mark a turning point in India-UK relations.@SiddhantVM and @ElizaSherine bring you the latest from diplomatic sources on what's at stake and how this deal might reshape the global trade landscape. n18oc_world News18 Mobile App - https://onelink.to/desc-youtube
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Time of India
an hour ago
- Time of India
Goa stands to benefit from India-UK free trade agreement: GCCI
Panaji: The India-UK free trade agreement (FTA) will significantly benefit Goa's pharmaceutical companies, tourism sector, and feni producers, said the Goa Chamber of Commerce and Industry (GCCI) on Saturday. GCCI president Pratima Dhond said that the recent signing of the trade agreement between the two nations could provide a much-needed boost to Goa's economy. The FTA provides zero-duty access to the UK market for nearly 99% of Indian exports, including pharmaceuticals. While the UK imports nearly $30 billion worth of medicines and medical devices, India's pharma exports to the UK currently stand at under $1 billion. The bilateral agreement is anticipated to unlock major export opportunities for the sector. Goa is ranked sixth in pharmaceutical exports, with an overall share of 5.6%. 'This landmark agreement is expected to significantly enhance trade and investment opportunities between India and the UK, with far-reaching benefits for the state,' she said. The FTA could lead to increased travel and tourism opportunities between India and the UK, and this will benefit Goa's tourism industry. Dhond said that Goa's feni industry will gain recognition in the British market with geographical indication protection, opening up new export opportunities. 'This will be a major boost for govt, which is promoting exports of Indian alcoholic beverages to global markets,' she said. Meanwhile, duty-free exports of marine products to the UK, textile businesses, and IT services also stand to benefit from the trade agreement, boosting the state's economy over the long term, said GCCI. The UK imports around $5.4 billion worth of marine products such as prawns, tuna, mackerel, sardines, squid, crab, and pomfret. India's current share in the UK's marine imports is just 2.3%, but this share is projected to double after the FTA. All coastal states stand to benefit from export-led job creation. 'Indian professionals, including those from Goa, will have easier access to the UK market, with relaxed visa procedures and exemptions from UK social security contributions,' said Dhond.
News18
2 hours ago
- News18
MoS Margherita says India, South Africa relations based on mutual trust
Last Updated: Johannesburg, Jul 26 (PTI) 'Relations between India and South Africa are based on shared history, mutual trust and goodwill," said Union Minister of State for External Affairs Pabitra Margherita in South Africa on Saturday. 'India's engagement with Africa, including South Africa, is guided by the principles of Prime Minister Modi. Our engagement with Africa is not transitional; it is transformational," he said while addressing a gathering of Assamese expatriates and Indian-origin South Africans here. Margherita said that India regards its diaspora as one of its greatest assets while seeking their support 'to strengthen the India-South Africa relationships." He urged the diaspora to continue to launch new ventures, initiate joint projects, create more jobs and explore new markets together in India, South Africa and beyond. Margherita wrapped up his 10-day visit to three southern African countries–Eswatini, Lesotho and South Africa–on Saturday and left for Dubai. Earlier this week, Margherita participated in the 4th meeting of the G20 Development Working Group, held in the iconic Kruger National Park, hosted by South Africa, which currently holds the G20 Presidency. PTI FH RD RD RD Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
Indian Express
2 hours ago
- Indian Express
Trade deal brings some cheer to Surat's gems and jewellery sector; many plan on exploring opportunities in the UK
The Free Trade Agreement (FTA) between India and the United Kingdom, signed on Thursday, has come as a shot in the arm for Surat's gems and jewellery industry, which has been reeling under a slump triggered by the Russia-Ukraine conflict since 2022. Though the scale of export to the UK in the sector is not as high as it is in the case of the United States, industry stakeholders in Surat said the FTA has brought some cheer to those involved in gems and jewellery trade in the city. Some industry leaders said the FTA has prompted them to explore trade options with the UK. Last year, gems and jewellery worth 9,236.46 million US Dollars were exported to the US – the highest among other countries. The exports to the UK stood at 941 million USD. 'Now with the duty concessions, this figure is poised to surge to USD 2.5 billion in the next three years, elevating overall bilateral trade in the gems and jewellery sector to an estimated USD 7 billion,' according to a statement from Kirit Bhansali, Chairman of Gems & Jewellery Export Promotion Council (GJEPC). Following the conflict with Ukraine, sanctions were imposed on Alrosa, the Russia-based diamond mining giant, which directly impacted livelihoods in Surat – a major centre for polishing diamonds in the world. Talking to The Indian Express from the UK, Bhansali said, 'Three years ago, India did an FTA with the UAE, and we have seen immense growth in the business between both countries with an annual growth rate of 12% to 14%. In the last three years, the total growth rate has been around 30%. Similarly, we are hoping that FTA with the UK will also boost the gems and jewellery sector in the coming years.' Sources said that in terms of exports from India to the UK, the highest value is of studded gold jewellery, closely followed by polished natural diamonds, and then lab grown diamond (LGDs). The UK ranks fifth in the value of exports in this sector while the US brings in the maximum business. Vallabhbhai Lakhani of Kiran Gems, a natural diamonds manufacturer and promoter, said, 'India's gems and jewellery business with the UK is not huge so the scale of impact of the FTA is difficult to guess. But something is better than nothing. The US is a major consumer of gems and jewellery. As of now, we have no presence in the UK but will explore an opportunity in the coming days.' Nagjibhai Sakariya, promoter of HVK diamonds, too, said the company is hoping to explore business opportunities in the UK following the FTA. 'We are doing business of diamond-studded jewellery worldwide, but due to lower demand from the UK, we haven't touched that market so far,' he said. 'A major consumer is the US market, and we have come to know that India and the US will be coming up with a trade agreement next month. A decision on such an agreement will impact the gems and jewellery industry,' he added. According to figures from GJEPC , the gross exports of gems and jewellery stood at USD 28.67 billion in the financial year 2024-2025. This marks an 11.2% decline from USD 32.29 billion recorded in 2023 -2024. Industry players blamed this dip in exports to the introduction of a 26% tariff on India under the US Fair and Reciprocal Tariff Plan. The other reasons that they cited were weak global demand and uncertainty in major markets, particularly the US, China and Europe. Many suppliers also held excess inventory from previous quarters due to slower offtakes, which limited the placement of new orders. The retailers worldwide adopted a wait-and-watch approach due to price volatility and geopolitical uncertainty, they said. Talking to The Indian Express, Vipul Shah, Managing Director of Asian Star Company, a natural diamonds dealer, said, 'The FTA between India and the UK will be a win-win situation for both countries. We began doing business with the Middle East three years ago, following the establishment of the FTA. We have received a good response, as we have gained new customers and our business has prospered. Now with FTA with the UK, we are also planning to move into the UK market and look for business opportunities. We will send a team to the UK next week to seek new customers.' Smit Patel, director of Green Lab Diamonds, which makes lab-grown diamonds, said, 'We have been doing business of loose lab-grown diamonds with the UK for the last few years. Now that the FTA has come into existence, we will also expand into the jewellery business, which we are currently operating with the Middle East, the US, Hong Kong, and other countries. Earlier, due to the impact of import duty in the UK, we would send fewer quantities of diamonds. Now, we will take full advantage of the zero duty and reach out to customers in the UK.'
