India-UK trade pact to help boost exports of labour-intensive sectors, says exporters' body FIEO
gems and jewellery
, pharmaceuticals, marine and engineering goods,
exporters' body FIEO
said on Wednesday.
The agreement will be signed on July 24, during Prime Minister Narendra Modi's visit to the UK. It is expected to help double
bilateral trade
by 2030 to USD 120 billion.
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The
Federation of Indian Export Organisations
(FIEO) also said that the agreement is likely to
eliminate tariffs
on Indian garments and textiles, enhancing their competitiveness in the UK market.
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It will also strengthen exports in high-value sectors like gems and jewellery and pharmaceuticals.
Improved market access and reduced tariffs will further benefit Indian leather and footwear, auto components, spices, tea, and processed foods, it said, adding the FTA is also expected to streamline regulatory approvals for Indian
pharmaceutical products
in the UK.
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Moreover, it could ease mobility and open up new opportunities for Indian IT, business services and professional services firms, FIEO President S C Ralhan said.
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