Landmark India-UK Free Trade Agreement Boosts Procurement Opportunities
The recently signed free trade agreement between India and the UK offers non-discriminatory treatment for Indian suppliers in UK procurement markets. It ensures Indian businesses are treated equally with UK suppliers, particularly in central government procurements, while maintaining protections for domestic MSMEs under India's procurement policies.
- Country:
- India
In a historic move, Indian suppliers will enjoy non-discriminatory access to UK procurement markets, following the free trade agreement inked by both nations on Thursday. This strategic agreement signals India's first comprehensive effort in securing substantial market access in international government procurement.
India has adeptly maintained its policy space to favor Micro, Small and Medium Enterprises (MSMEs), ensuring they receive due preference under the Public Procurement Policy. The GP chapter of the India-UK CETA fortifies Indian suppliers' standing, guaranteeing equal treatment on social value parameters within procurement processes.
The agreement primarily pertains to central government entities, excluding local or state-level procurement. Indian suppliers stand to benefit enormously from the GBP 90 billion worth of opportunities available, allowing participation in procurements by pivotal UK departments, thereby launching a new era of Indo-UK economic collaboration.
(With inputs from agencies.)
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