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Goyal says 99% of India’s exports to the UK would now be duty-free, significantly boosting India’s trade footprint in one of the world’s largest economies.
Union Minister Piyush Goyal. (File Photo: PTI)
Union Commerce and Industry Minister Piyush Goyal has described the recently signed India-UK Free Trade Agreement (FTA) as a “game-changing” deal that will benefit every section of Indian society, from farmers and youth to the MSME sector and large industries.
Speaking at a press conference at the BJP headquarters on Saturday, Goyal announced that 99% of India’s exports to the UK would now be duty-free, significantly boosting India’s trade footprint in one of the world’s largest economies.
The Comprehensive Economic and Trade Agreement — as the FTA is officially known — was signed on Thursday in the presence of Prime Minister Narendra Modi and his British counterpart Keir Starmer. The agreement was formalised by Piyush Goyal and UK Trade Secretary Jonathan Reynolds.
Calling it a landmark moment, Goyal said, “It is a game-changing agreement.” He added that it would bring “immense opportunities to the farmers of India, Indian industry, the MSME sector, the workers, youth and fishermen”.
Goyal also emphasised that the agreement was negotiated confidently and on India’s terms, ensuring protection for sensitive sectors such as agriculture and ethanol.
Taking a veiled swipe at the previous UPA governments, he stated, “In several instances during the UPA rule, they opened the Indian markets in such a manner that they harmed the country.”
The Minister credited Prime Minister Narendra Modi’s leadership for the successful conclusion of the deal and expressed confidence in the positive long-term impact of the agreement.
“I believe that this FTA carries a very big message for the future economy of India. We will all see the benefits that India will get under it in the coming years,” Goyal said.
The agreement will come into force after it is ratified by the UK Parliament.
Goyal also urged Indian businesses to explore new opportunities under the FTA in sectors like footwear, leather, toys, pharmaceuticals, gems and jewellery, food processing, and services. “I appeal to the Indian Industry to study the agreement and start looking for markets,” he added.
The trade deal, the UK’s biggest such agreement since Brexit and India’s first with a European economy, aims to expand the bilateral trade. The FTA is expected to boost bilateral trade between India and the UK by 25.5 billion pounds every year.
India and the UK on Thursday inked a landmark free trade agreement (FTA) that will cut tariffs on British whisky, cars and an array of items, besides boosting bilateral trade by around USD 34 billion annually The deal was signed by Commerce Minister Piyush Goyal and his British counterpart Jonathan Reynold in the presence of Prime Minister Narendra Modi and his British counterpart Keir Starmer.
The FTA is expected to benefit 99 per cent Indian exports from tariff and will make it easier for British firms to export whisky, cars and other products to India, besides boosting the overall trade basket, according to Indian officials.
The deal, the UK’s biggest such agreement since Brexit and India’s first with a European economy, aims to expand the bilateral trade.
The India-UK FTA, firmed up after three years of negotiations, is expected to ensure comprehensive market access for Indian goods across all sectors and India will gain from tariff elimination on about 99 per cent of tariff lines (product categories) covering almost 100 per cent of the trade values, they said.
The UK said Indian consumers will benefit from improved access to the best British products — from soft drinks and cosmetics to cars and medical devices — as average tariffs will drop from 15 per cent to 3 per cent after the FTA kicks in.
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