Unlocking Trade Potential: India-UK Deal Set to Revolutionize Exports
The India-UK trade agreement, signed on July 24, will be promoted nationwide through outreach programs, workshops, and feedback sessions. The initiative aims to maximize benefits from the pact, offering duty concessions on Indian exports to the UK, including textiles, handicrafts, and marine products, while reducing tariffs on British cars, whisky, and cosmetics. Commerce Minister Piyush Goyal leads sector-focused discussions and plans state visits to inform about opportunities. The agreement seeks to double trade between both countries by 2030.
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The Indian government is set to launch an extensive outreach initiative comprising 1,000 programs, including stakeholder meetings and workshops, over the next 20 days to raise awareness about the India-UK trade agreement. Slated to be fully operational by early next year, the pact, signed on July 24, seeks to maximize economic benefits and encourage cooperation across industries, according to sources.
Commerce and Industry Minister Piyush Goyal is spearheading sector-specific discussions and planning visits to various states to ensure industries understand and leverage the opportunities presented by the agreement. The outreach will focus on traditional products like Bhagalpur silk, Pashmina shawls, and Kolhapuri chappals, which will receive duty concessions, thus enhancing their foothold in UK markets.
The trade agreement is poised to eliminate 99% of Indian export tariffs to the UK, aiming to double the current trade value by 2030. While India benefits from greater market access for textiles, jewelry, and marine products, the UK will see reduced tariffs on cars, whisky, and cosmetics entering India. The pact also facilitates Indian financial service expansion in the UK without stringent social security contributions.
(With inputs from agencies.)
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