The India-UK Free Trade Agreement (FTA) is expected to provide a big boost to bilateral trade. With this agreement, exports in sectors like apparel, electronics, pharma and gems and jewelery are likely to increase manifold. Experts have called it a historic step for business.
New Delhi [भारत]July 15 (ANI): The India-UK Free Trade Agreement (FTA) is expected to provide a significant boost to bilateral trade. Under this agreement, tariffs on many types of goods are likely to be removed, due to which the industry is expected to benefit strongly in sectors like apparel, electronics, engineering goods, pharmaceuticals, handicrafts and gems and jewellery.
Speaking to ANI, Vipin Vohra, Chairman, Continental Carriers Group of Companies, said that this trade agreement will transform trade between the two countries by creating new opportunities in many sectors. “This is going to change the entire scenario of exports and imports between India and the UK. It will be beneficial for garments, handicrafts, pharma, gems and jewellery. Everyone is positive that this will increase exports manifold,” he said.
Demand for better air and sea connectivity
Vohra also sought better air and sea connectivity. He urged both governments to increase landing rights and introduce more direct flights and shipping services to support the projected increase in trade volumes. He said, “There should be more flights between the two countries. Governments should consider giving more landing rights between the two countries so that more flights and ships can fly directly to the UK and India.”
Historic moment for apparel sector
On the other hand, Apparel Export Promotion Council (AEPC) Chairman Sakthivel described the agreement as a historic milestone for India’s apparel sector, which has long-standing trade relations with the UK. “This is a historic moment for apparel because India has a very long relationship with UK buyers. UK buyers have been waiting for this opportunity… They have started looking for us and are already visiting factories,” he said.
Electronics and technology exports will get a boost
Gurmeet Singh, CEO and Executive Director, Electronics and Computer Software Export Promotion Council (ESC), said the agreement will strengthen India’s electronics and technology exports and deepen integration into global supply chains. “This will help our country to export not only our electronic products, electronic components, semiconductors, electronic sub-assemblies, but also AI, fintech and analytics-based digital services like software,” he said.
He further said that the agreement will enable UK manufacturers to integrate Indian electronic components and sub-assemblies into their products, benefiting both economies. “We will be able to integrate into the global supply chain, including the UK,” he said. (ANI)
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