India-UK Free Trade Agreement to Transform Markets
The recent free trade agreement between India and the UK aims to enhance bilateral trade, manufacturing, and investments. Experts note its potential to mitigate external economic shocks and unlock market potential. The agreement facilitates market access, especially benefiting India's apparel sector, while aligning with strategic economic objectives.
- Country:
- India
The free trade agreement signed between India and the UK on Thursday marks a significant development in international trade, experts suggest. It is expected to bolster the manufacturing, export, and investment sectors in both countries.
According to Anil Talreja from Deloitte India, the pact offers opportunities to tailor partnerships in areas of technology and services. The agreement promises streamlined market access for British exporters and advantageous entry for Indian manufacturers into the UK market, according to Shashi Mathews of CMS INDUSLAW.
This deal is foreseen to spark growth in India's apparel exports, particularly by removing tariffs on Indian goods. Apparel exports are projected to double within three years. The agreement further supports India's SMEs and aligns with ongoing trade negotiations with the EU.
(With inputs from agencies.)
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