India-UK FTA to boost trade by €25.5 billion annually: UK official
New Delhi
Deputy Trade Commissioner for South Asia at the British High Commission, Anna Shotbolt has said that the India-UK Free Trade Agreement is projected to increase bilateral trade between the two countries by Euro 25.5 billion every year.
She highlighted that under this FTA, there are provisions for tariff reductions on 90 per cent of traded goods between the two countries.
'However, it is not only about tariffs, which are indeed a crucial aspect that will benefit many industries. Creative companies will also benefit through stronger copyright protections, and the services sector will see gains as well. The Double Taxation Avoidance Convention will also help workers on both sides, creating more transparency and certainty,' she said at an event organised by industry body PHDCCI in the national captial.
The India-UK Free Trade Agreement (FTA), signed and finalised on May 6 after nearly three years of negotiations, is one of the most comprehensive free trade agreements ever entered into by India.
Ranjeet Mehta, CEO and Secretary General, PHDCCI, emphasised the importance of the social security clause that supports Indian professionals going to the UK and said that we must take advantage of this FTA. As PHDCCI celebrates 120 years of its legacy, we plan to mount a business delegation to the UK this September, as we are keen to explore the opportunities this agreement presents, added Mehta.
'India's vision of net zero by 2070 also requires businesses, especially MSMEs to be sustainable and technologically equipped. Whether in services or products, India should collaborate more with the UK, which presents a large market for Indian MSMEs,' he said.
TS Vishwanath, Founder & Executive Chairman, VeK Policy Advisory & Resource Firm, said, 'FTA is not just about trade but about building bilateral expertise. 'We should seriously explore how both countries can invest in each other through a strong EODB environment. We must engage directly with industries to identify challenges and build robust relationships.'
Prof Rakesh Mohan JoshI, Vice Chancellor, IIFT said that the retail market size in India is USD 1 trillion, while that of Britain is at around USD 386.3 billion presenting vast potential for both economies.
He further added that the inclusion of the Double Taxation Avoidance Convention is also a commendable step.
Kishore Jayaraman, OBE, Global Board Director & Chairman India, UK India Business Council, stated that this is beginning of a new era, the FTA enables both nations to leverage their capacities and capabilities.
'Beyond trade, we must also explore sectoral synergies, as India has the potential to significantly contribute to the economy of both nations,' he added.
Ajay Aggarwal, President, Toy Association of India, pointed out major areas where Indian businesses can benefit in the UK market.
Elaborating about the Toy industry which is growing rapidly and has shifted from being import-dependent to now producing around 80 per cent domestically, he emphasised that there is enormous scope for collaboration. For eg, skilled products such as leather toys, an area where the UK can benefit. India has an access to competitive products with better market offerings, and with tariff reductions, it will allow us to enhance our presence in UK, he said.
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