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First Post
10 minutes ago
- First Post
India-UK FTA: Dairy products, apples, edible oils remain protected in zero-duty trade pact
Under the India-UK Free Trade Agreement (FTA) signed today, India has protected the interests of its farmers by securing the exclusion of dairy products, edible oils, and apples from the zero-duty trade. Overall, the India-UK FTA has zero duties on 95% of agriculture and processed food items. read more India has protected the interest of domestic farmers by excluding dairy products, edible oils and apples in the free trade agreement (FTA) with the UK while securing zero duties on 95 per cent of agriculture and processed food items. No tariff concession has been allowed on oats as well in the FTA, which was signed on Thursday. On the other hand, Indian staples like turmeric, pepper, cardamom; processed goods like mango pulp, pickles, and pulses; and marine products such as shrimp and tuna will enjoy duty-free access in the UK market. STORY CONTINUES BELOW THIS AD In agriculture, the UK imports USD 37.52 billion worth products, but imports from India are just USD 811 million. 'India's farmers are poised to be the biggest winners of the FTA, which unlocks premium UK markets for their produce, matching or exceeding the benefits already enjoyed by exporters from Germany, the Netherlands, and other EU nations,' a commerce ministry official said. More than 95 per cent of agricultural and processed food tariff lines will attract zero duties on fruits, vegetables, cereals; pickles, spice mixes, fruit pulps; and ready-to-eat meals and processed foods. This will lead to reduction in landed cost of these Indian products in the UK market, boosting India's export and enhancing income of domestic farmers. 'Duty-free access is expected to increase agri exports by over 20 per cent in the next three years, contributing to India's goal of USD 100 billion agri-exports by 2030,' the official said. The FTA would also give a boost to exports of emerging products such as jackfruits, millets, and organic herbs. With regard to the benefits for the blue economy, the FTA provides for zero-duty access for 99 per cent of exports, including shrimp, tuna, fishmeal, and feeds. These are currently taxed in the range of 4.2-8.5 per cent. STORY CONTINUES BELOW THIS AD 'Despite the UK's USD 5.4 billion marine import market, India's share remains at just 2.25 per cent, underscoring a significant untapped export opportunity,' the official pointed out. The FTA would also help India's export of high-margin branded products like coffee, spices, beverages, and processed food. Stating that the UK consumes 1.7 per cent of India's coffee, the official said duty-free access will help Indian instant coffee compete with EU exporters like Germany and Spain. The UK is a major buyer of Indian tea (5.6 per cent), while spices have a 2.9 per cent share. The zero tariffs will help enhance the country's market share. 'Indian craft drinks like feni from Goa, artisanal wines from Nashik, and toddy from Kerala will now enjoy Geographical Indication (GI) protection and shelf space in high-end UK retail and hospitality chains,' the official said. The FTA is set to help India's food processing sector. India exports USD 14.07 billion of processed agriculture and food products globally per year. The UK imports USD 50.68 billion worth of processed items, but Indian products make up for a mere USD 309.5 million. STORY CONTINUES BELOW THIS AD Farmers of various states in the country are likely to benefit from the FTA. The major beneficiaries are Maharashtra (grapes, onions), Gujarat (groundnut, cotton), Punjab and Haryana (basmati rice), Kerala (spices), and NE states (horticulture). (This is an agency copy. Except for the headline, the copy has not been edited by Firstpost staff.)
Mint
23 minutes ago
- Mint
India and the UK sign Free Trade Agreement: Keir Starmer hails deal with PM Modi, says ‘biggest since leaving EU'
India and the United Kingdom have signed a landmark Free Trade Agreement (FTA), aimed at significantly improving the market access and boosting bilateral trade by around USD 34 billion annually. The FTA was signed during Prime Minister Narendra Modi's visit to London. Hailing the Free Trade Agreement with India, United Kingdom PM Keir Starmer said it was the 'biggest and most significant trade deal' the UK has signed since leaving the European Union. 'This is the biggest and economically most significant trade deal the UK has made since leaving EU,' he said. PM Narendra Modi also termed the free trade deal as the 'most historic' in the India-UK relations, saying a comprehensive economic and trade agreement has been inked between India and UK after many years of hard work. PM Modi said the Free Trade Agreement would bring new opportunities for India's agricultural produce and processed food industry in Britain. He said, 'Indian textiles, footwear, gems and jewellery, seafood, and engineering goods will gain better market access in Britain. India-UK trade deal will be particularly beneficial for India's youth, farmers, fishermen, and MSME sector.' After signing the free trade deal with India, Keir Starmer said the deal would raise living standards and boost wages in both countries by putting more money in the hands of working people. 'It is a deal that will bring huge benefits to both of our countries, boosting wages, raising living standards and putting more money in the pockets of working people. It is good for jobs, it is good for business, cutting tariffs and making trade cheaper, quicker and easier,' he said. With signing of the FTA with India, the UK prime minister also emphasised that his country was sending a message to across the world that Britain is open for business. Keir Starmer also took to X and said, 'A landmark deal with India means jobs, investment and growth here in the UK.' 'It creates thousands of British jobs, unlocks new opportunities for businesses and puts money in the pockets of working people. That's our Plan for Change in action.'
Indian Express
39 minutes ago
- Indian Express
‘After years of hard work': India and UK sign Free Trade Agreement deal during PM Modi's visit
India and the United Kingdom Thursday signed the much-awaited landmark Free Trade Agreement (FTA) in the presence of Prime Ministers Narendra Modi and Keir Starmer, during the former's two-day official visit to the UK. Addressing the media after the signing ceremony, PM Modi called it a historic day, as 'after years of hard work, both nations have completed the Comprehensive Economic and Trade Agreement'. 'For the people and industry of India, products made in the UK – such as medical devices and aerospace parts – will be available at accessible and affordable rates,' PM Modi said, adding, 'This agreement will prove particularly beneficial for India's youth, farmers, fishermen, and MSME sector'. 'A landmark deal with India means jobs, investment and growth here in the UK. It creates thousands of British jobs, unlocks new opportunities for businesses and puts money in the pockets of working people. That's our Plan for Change in action,' Starmer wrote on X ahead of the signing ceremony. PM Starmer hosted PM Modi at the historic 16th-century Chequers House, the country house of the UK PM. The trade deal, which is forecast to boost bilateral trade by £25.5 billion yearly, is both India's most comprehensive deal ever, and the UK's most economically significant bilateral trade deal since leaving the EU, he added. On May 6, PM Modi and Keir Starmer announced the successful conclusion of a mutually beneficial India-UK FTA, after three years of negotiations. The agreement aims to eliminate or reduce tariffs on imports and exports between the two nations. Both nations desire to increase their trade to $120 billion by 2030. It is expected to boost key sectors, including textiles, leather, footwear, sports goods and toys, marine products, gems and jewellery, engineering goods, auto parts and engines, and organic chemicals. 'We express our gratitude to Prime Minister Starmer and his government for the strong condemnation of the terrorist attack in Pahalgam,' Modi also said at the press briefing, adding, 'We are united in our view that there is no place for double standards in the fight against terrorism.' The two countries also unveiled a renewed Comprehensive Strategic Partnership – the UK-India Vision 2035 – taking 'the relationship to new heights in a time of rapid global change,' Starmer said. The ambitious vision for 2035 will go beyond trade, towards innovation, deepening defence cooperation through a new Defence Industrial roadmap, tackling climate change and nurturing educational connections. New Delhi will also raise the issue of Khalistani extremism and the return of fugitive economic offenders during Prime Minister Narendra Modi's two-day official visit to the country. 'We also agree that forces with extremist ideologies cannot be allowed to misuse democratic freedoms,' Modi said, in reference to the presence of a section of Khalistani extremist elements in the UK. 'Those who misuse democratic freedoms to undermine democracy itself must be held to account,' he added. Marking exactly one year since the countries signed the landmark UK-India Technology Security Initiative, the two Prime Ministers also committed to further strengthening national security by harnessing frontier technologies and shaping the technologies of tomorrow. Twenty-six British companies have announced new business in India. Airbus and Rolls-Royce will soon begin delivering Airbus aircraft – with over half powered by Rolls-Royce engines – to major Indian airlines as part of around £5 million worth of contracts recently agreed, as per a statement from the UK High Commission in New Delhi. As part of the reinvigorated partnership, the UK and India have also agreed to strengthen cooperation in tackling corruption, serious fraud, organised crime, and irregular migration through enhanced intelligence sharing and operational collaboration, the statement said. Divya A reports on travel, tourism, culture and social issues - not necessarily in that order - for The Indian Express. She's been a journalist for over a decade now, working with Khaleej Times and The Times of India, before settling down at Express. Besides writing/ editing news reports, she indulges her pen to write short stories. As Sanskriti Prabha Dutt Fellow for Excellence in Journalism, she is researching on the lives of the children of sex workers in India. ... Read More
