India-UK FTA: A New Epoch in Bilateral Trade
The India-UK Free Trade Agreement, finalized in May, promises to boost trade by €25.5 billion annually, reduce tariffs on 90% of goods, enhance services, and support professionals through social security and tax conventions. Stakeholders emphasize collaboration opportunities, market potential, and sectoral synergies to strengthen bilateral ties.
- Country:
- India
The recently finalized India-UK Free Trade Agreement (FTA) is set to significantly boost trade between the two nations by an estimated €25.5 billion each year. Deputy Trade Commissioner for South Asia at the British High Commission, Anna Shotbolt, emphasized the deal includes tariff reductions on 90% of goods traded between the two countries.
Beyond tariffs, which will benefit numerous industries, the agreement enhances copyright protections and offers gains in the services sector. The Double Taxation Avoidance Convention included in the FTA promises increased transparency and certainty for workers on both sides, Shotbolt stated at a PHDCCI event in the national capital.
Stakeholders, including Ranjeet Mehta, CEO of PHDCCI, and TS Vishwanath, Executive Chairman of VeK Policy Advisory & Resource Firm, highlighted the importance of social security, industry collaboration, and the exploration of synergies across sectors. They urge both countries to invest in each other's markets and leverage the vast potential for mutual economic growth. (ANI)
(With inputs from agencies.)
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