India-UK Trade Deal: A New Era for Automotive Cooperation
The India-UK Comprehensive Economic and Trade Agreement (CETA) promises to strengthen economic ties, especially in the automotive sector, by enhancing market access, technology partnerships, and value chain integration. Key benefits include improved export opportunities, regulatory streamlining, and collaboration in green and digital technologies, vital for long-term competitiveness.
- Country:
- India
The recently signed India-UK trade agreement, known as the Comprehensive Economic and Trade Agreement (CETA), signifies a milestone in economic relations between the two nations, particularly in the automotive industry. This deal aims to unlock greater market access and foster technological collaborations, facilitating export opportunities in pivotal sectors like electric mobility and precision engineering.
With Prime Minister Narendra Modi and UK Prime Minister Keir Starmer present at the signing, the agreement highlights enhanced collaborations in areas crucial for sustainability and innovation. Automotive Component Manufacturers Association of India (ACMA) President Shradha Suri Marwah stated that Indian micro, small, and medium enterprises would benefit significantly from the trade provisions, gaining unprecedented access to UK markets.
Further amplifying the trade relationship, TVS Motor Company sees the deal as a gateway to expanding its footprint globally, especially under India's 'Make in India' initiative. As bilateral trade aims to double from the current USD 56 billion by 2030, the automotive sector looks forward to realizing the full potential of this strategic pact.
(With inputs from agencies.)
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