India-UK FTA set to boost bilateral trade by £25.5 billion annually: British High Commission 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 £25.5 billion annually.
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 Contributions Convention (DCC) 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 capital recently, as was quoted in a PHDCCI statement.
The India-UK Free Trade Agreement (FTA), was announced 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 India must take advantage of this FTA.
As PHDCCI celebrates 120 years of its legacy, Mehta said they plan to mount a business delegation to the UK this September, as "we are keen to explore the opportunities this agreement presents", added Mehta.
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"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 and Executive Chairman, VeK Policy Advisory and Resource Firm, said that the 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."
Kishore Jayaraman, OBE, Global Board Director and 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.
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