Latest news with #PHDCCI
Qatar Tribune
2 days ago
- Business
- Qatar Tribune
India-UK FTA to boost trade by €25.5 billion annually: UK official
ANI 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.
Time of India
2 days ago
- Business
- Time of India
India-UK FTA set to boost bilateral trade by £25.5 billion annually: British High Commission official
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. Explore courses from Top Institutes in Select a Course Category Healthcare Finance Design Thinking Degree Leadership Management MCA Project Management Artificial Intelligence Data Science Public Policy Digital Marketing Operations Management Data Analytics PGDM others Product Management Others Data Science healthcare Cybersecurity MBA CXO Technology Skills you'll gain: Financial Analysis in Healthcare Financial Management & Investing Strategic Management in Healthcare Process Design & Analysis Duration: 12 Weeks Indian School of Business Certificate Program in Healthcare Management Starts on Jun 13, 2024 Get Details "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. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Why Seniors Are Snapping Up This TV Box, We Explain! Techno Mag Learn More 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. Live Events 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. "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. (ANI)
Time of India
2 days ago
- Business
- Time of India
India-UK FTA set to boost bilateral trade by £25.5 billion annually: British High Commission official
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. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 15 most beautiful women in the world Undo "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. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Business Standard
2 days ago
- Business
- Business Standard
India-UK FTA set to boost bilateral trade by 25.5 billion annually, says British high commission official
Ms. Anna Shotbolt, Deputy Trade Commissioner for South Asia at the British High Commission pointed out that the IndiaUK Free Trade Agreement is projected to increase bilateral trade between the two countries by 25.5 billion every year, at a PHDCCI organised Interactive Session on IndiaUK Free Trade Agreement: The Way Forward, She highlighted that under this FTA, there are provisions for tariff reductions on 90% 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 added.
Times of Oman
3 days ago
- Business
- Times of Oman
India-UK FTA set to boost bilateral trade by Euro 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 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 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." 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.
