How Will the India-UK FTA Unlock New Markets for Indian Businesses?
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Synopsis
The India-UK Free Trade Agreement is a game changer for Indian businesses, promising to expand market access and enhance competitiveness. PHDCCI President Hemant Jain highlights its potential to invigorate multiple sectors and foster significant investment in India. This deal marks a strategic milestone in bilateral trade relations.
Key Takeaways
- India-UK FTA to boost multiple sectors
- Enhances market access and investment opportunities
- Targets a bilateral trade of over $120 billion by 2030
- Benefits include opportunities for MSMEs, youth, and farmers
- Strengthens international trade relations
New Delhi, July 24 (NationPress) The India-UK Free Trade Agreement (FTA) is poised to significantly impact numerous sectors across the nation, creating new market opportunities for Indian enterprises, stated PHDCCI President Hemant Jain on Thursday.
Jain informed IANS that this bilateral trade accord will also facilitate access to EU and US FTAs.
“This represents a pivotal move that will enhance both goods and services. It stands as the most extensive agreement, benefiting various fields such as IT services, financial services, handicrafts, gems and jewellery, among others,” he remarked.
After finalizing the FTA, the trust and comfort level between the two nations will increase significantly.
“A broader market reach can be achieved, and substantial investments are expected to flow into India post-FTA,” Jain added, noting that the chamber will closely analyze the details of the FTA to determine its advantages for businesses moving forward.
As the sixth-largest economy globally, the UK offers India access to a vast, currently underutilized market, according to Jain.
“We commend both governments for sealing a deal that is set to boost bilateral trade, enhance the competitiveness of Indian SMEs, and unlock new avenues for industries within manufacturing, services, and technology sectors,” he further stated.
This agreement symbolizes the strategic importance that will drive bilateral trade to exceed $120 billion by 2030 with the UK.
The FTA is expected to invigorate bilateral investment and create new job opportunities in both nations. Furthermore, these agreements, forged between two dynamic democracies and prominent global economies, will contribute to fortifying global stability and shared prosperity.
On one side, it enables enhanced market access in the UK for Indian textiles, footwear, gems and jewellery, seafood, and engineering goods. Additionally, it will unveil new prospects for India’s agricultural produce and processed food industry.
Above all, this agreement is set to be particularly advantageous for India’s youth, farmers, fishermen, and the MSME sector, as highlighted by Prime Minister Narendra Modi after the deal was finalized.
Point of View
The India-UK Free Trade Agreement signifies a crucial step towards strengthening bilateral trade relations. It is essential for India to enhance its global market presence and leverage the opportunities this agreement presents, particularly for SMEs and the agricultural sector. The nation must remain vigilant in maximizing the benefits while ensuring strategic alignment with future trade agreements.
NationPress
26/07/2025
Frequently Asked Questions
What sectors will benefit from the India-UK FTA?
The FTA is expected to benefit various sectors including IT services, financial services, handicrafts, gems and jewellery, textiles, seafood, and engineering goods.
How will the FTA impact Indian SMEs?
The agreement is designed to enhance the competitiveness of Indian SMEs by providing greater market access and opportunities for growth.
What is the expected outcome of the India-UK FTA by 2030?
The FTA aims to double bilateral trade to over $120 billion by 2030.
Who highlighted the importance of the FTA for India's youth and farmers?
Prime Minister Narendra Modi emphasized the agreement's significance for India's youth, farmers, fishermen, and the MSME sector.
What is the strategic significance of this agreement?
The FTA signifies a strategic partnership between two major economies, enhancing global stability and shared prosperity.
