India-UK Free Trade Agreement: A Transformational Milestone

Indian industry leaders have warmly welcomed the signing of the India-UK free trade agreement (FTA), heralding it as a pivotal moment for bilateral economic relations. This agreement is set to expand exports, boost investment, and foster joint ventures across various sectors.

Stimulating Innovation and Market Access

Sunil Bharti Mittal, Founder and Chairman of Bharti Enterprises, emphasized the FTA's role in stimulating innovation and easing market access. "This agreement establishes a modern, forward-looking partnership," he stated, reflecting the optimism across Indian industries.

Deepening Bilateral Cooperation

The Confederation of Indian Industry (CII) highlighted the agreement's potential to deepen cooperation in clean energy, digital technologies, life sciences, and advanced manufacturing. Chandrajit Banerjee, Director General of CII, noted, "It creates a strong foundation for deeper market access, regulatory cooperation, and next-generation partnerships."

Boosting Key Sectors

The trade pact is expected to significantly benefit labor-intensive sectors such as textiles, leather, gems and jewellery, and marine products. Kirit Bhansali of the Gem & Jewellery Export Promotion Council (GJEPC) projected a near tripling of exports to the UK, from $941 million to $2.5 billion within three years.

British Companies Welcome the Deal

British firms, especially in aerospace and spirits, have also welcomed the agreement. Rolls-Royce and Diageo executives praised the FTA for its potential to enhance co-development and reduce tariffs, respectively, signaling a bright future for bilateral trade and investment.