India-UK trade deal to be game-changer for exports, MSMEs: Punjab industrialists
The agreement promises duty-free access to UK markets for several sectors that form the backbone of Punjab's economy, including textiles, cycle parts, auto components, sports goods, and agribusiness.
Dicky Chhabra, Convenor of the United Cycle Parts and Manufacturers Association (UCPMA), termed the agreement a mixed opportunity for the bicycle industry.
'The trade agreement provides both opportunities and challenges. Tariff reductions can boost exports of Indian bicycles and components to the UK, especially in the budget and mid-range segments. However, Indian manufacturers may face increased competition from UK and European brands if imports become cheaper.'
She added that the deal could encourage joint ventures, R&D collaborations, and access to advanced manufacturing technology, which is the 'need of the hour.' To maximise gains, the Indian cycle industry must focus on quality upgrades and alignment with international standards.
Upkar Singh Ahuja, President of the Chamber of Industrial and Commercial Undertakings (CICU), described the deal as a 'game-changer for Punjab's industrial and economic growth.' 'The landmark agreement is expected to bring major benefits across the state 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. Punjab's manufacturing sectors will gain a competitive edge through increased exports, reduced tariffs, and improved market access,' he said.
Badish Jindal, president of the All Industries and Trade Forum, said, 'The agreement paves the way for technology exchange, skill development, and joint ventures, especially benefiting MSMEs. CETA will not only boost trade volumes but also contribute to employment generation. CICU strongly supports this progressive step. It will benefit the Punjab market specifically as it will help increase exports of auto parts, textiles, fasteners, hand tools, and garments from the state. Punjab is a hub of these manufacturing units.'
Raghav Chaudhary, managing director of Crescendo Global Leadership Hiring, said the agreement is poised to deliver substantial economic benefits to Punjab.
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