Harnessing the Potential: India's Chemical Exports Poised for Growth Post UK Trade Deal
The India-UK free trade agreement is set to boost India's chemical exports, with specific product categories receiving duty-free access to Britain. CHEMEXCIL expects a 30-40% increase in chemical exports, capitalizing on tariff eliminations, improved competitiveness, and smoother market entry for Indian exporters.
- Country:
- India
The recent free trade agreement between India and the UK is expected to significantly enhance India's chemical exports, according to CHEMEXCIL. Over a thousand product categories will now enjoy duty-free access to the UK market, promising substantial growth for Indian exporters.
Under this trade pact, essential product lines such as organic chemicals, agrochemicals, cosmetics, and petrochemicals will benefit from zero-duty tariffs. This development is pivotal, given the chemical sector's 12.4% share of the trade agreement's total tariff lines, marking it as a major beneficiary.
CHEMEXCIL Chairman Satish Wagh projects a 30-40% surge in exports, potentially ascending to between USD 650 million and USD 750 million by 2025-26. This anticipated growth is expected to be driven by tariff reductions, enhanced competitiveness, and improved access to the UK market, fostering deeper bilateral trade relations.
(With inputs from agencies.)
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