Industry welcomes India-UK trade pact
Upkar Singh Ahuja, president of the Chamber of Industrial and Commercial Undertakings, said, "This agreement is a transformative opportunity for Punjab's industrial and economic landscape." He emphasised that it will allow Punjab-based exporters to gain a competitive edge through reduced tariffs and improved market access, leading to a significant increase in exports. "It paves the way for technology exchange, skill development, and joint ventures, particularly MSMEs," he said.
Echoing similar sentiments, Pankaj Sharma, president of the Association of Trade & Industrial Undertakings, hailed the pact as a "historic development" that will reshape India-UK trade relations over the next five years. "This landmark pact will double India-UK trade by eliminating tariffs on 99% of Indian exports," Sharma said, adding that labour-intensive sectors such as textiles, garments, footwear, and jewellery would gain the most.
Pointing out the implications for Punjab specifically, Sharma said cities like Ludhiana, home to a vast network of textile and hosiery units, and Jalandhar renowned for its sports goods industry, stand to benefit directly. "Zero tariffs on textile exports will allow our manufacturers to compete on equal footing with countries like Pakistan, Bangladesh, and Cambodia," he added.
The agreement also grants tariff exemptions on exports of basmati rice, fruits, and cotton, major agricultural commodities from Punjab, thus promising a boost for farmers and agro-industries.
Sharma further added that the FTA would open up new horizons for young entrepreneurs, especially those working in emerging sectors and advanced manufacturing technologies.
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BOOST TO BIZ TIES
By providing duty-free access to the UK market for key products such as textiles, auto components, tractor parts, and sports goods, including soccer balls, cricket gear, and non-electronic toys, as well as packaged food and vegetables, the FTA will strengthen our manufacturing sectors, known globally for quality and innovation
Upkar Singh Ahuja, president, Chamber of Industrial and Commercial Undertakings
This landmark pact will double India-UK trade by eliminating tariffs on 99% of Indian exports. Labour-intensive sectors such as textiles, garments, footwear, and jewellery will gain the most
Pankaj Sharma, president, Association of Trade & Industrial Undertakings
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