Unlocking Trade Opportunities: The India-UK Free Trade Agreement
The India-UK Free Trade Agreement (CETA) heralds a new era of tariff-free trade across various sectors, including agriculture, marine, textiles, chemicals, and services. This agreement boosts economic growth by eliminating tariffs, enhancing competitiveness, and creating significant market access for Indian exporters, particularly in labour-intensive and high-demand sectors.
- Country:
- India
The historic India-UK Free Trade Agreement (CETA), signed on Thursday, eliminates tariffs across several sectors, poised to significantly enhance India's export capabilities. Key sectors like agriculture, marine products, and textiles will see zero-duty market access, providing a competitive edge to Indian exporters and opening new markets.
The agricultural sector will benefit hugely, with over 95% of tariff lines set to zero, promising a 20% growth in exports over the next three years, as India pushes toward its USD 100 billion agri-export target by 2030. Meanwhile, the marine industry's untapped potential will be unlocked through duty-free access to the UK's significant import market, particularly in shrimp and seafood.
Additionally, the agreement provides immense opportunities for India's textile, engineering, pharmaceutical, and chemical sectors, with zero-duty access and streamlined procedures expected to boost competitiveness in the UK market. For Indian professionals, the FTA simplifies mobility, fostering a greater exchange of skills and expertise.
(With inputs from agencies.)
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