Strengthening Treads: India-UK Trade Pact Fuels Tyre Market Growth

The competitiveness of Indian tyre manufacturers in the British market is set for a boost following the removal of import duties under the India-UK free trade agreement, according to the Automotive Tyre Manufacturers' Association (ATMA).

ATMA lauded the Comprehensive Economic and Trade Agreement (CETA) between India and the UK, noting that it marks a significant advancement in bilateral trade, particularly enhancing the prospects for the Indian tyre industry.

ATMA Chairman Arun Mammen highlighted that removing import duties will bolster Indian tyre companies' export momentum and deepen their market presence in the UK. With immediate elimination of customs duties on tyres exported to the UK, the development is expected to drive Indian tyre exports, which have already seen substantial growth.

(With inputs from agencies.)