India-UK trade agreement creates new prospects for investment, innovation and commerce: Goyal

Union Commerce and Industry Minister Piyush Goyal said the India-United Kingdom Free Trade Agreement (India-UK FTA) is creating new opportunities for commerce, investment, and innovation as it goes into effect from Wednesday.

He said the agreement, which opens new avenues for trade, investment and innovation, will create unique opportunities for our businesses while further accelerating PM Modi’s vision of Viksit Bharat 2047.

Reflecting the capabilities and aspirations of the people of India, this ambitious agreement will empower every section of society. Women, farmers, youth, MSMEs, innovators, professionals and fisher folk, all stand to gain from the opportunities it creates, he added.

He emphasised that it will help white-collar service sector workers with a variety of skill sets in addition to Indian exporters.

The Minister pointed out that almost all of India’s exports to the UK will be duty-free as a result of the agreement, opening up enormous prospects for labour-intensive industries, women, small enterprises, farmers, fishers and inventors.

Goyal continued saying that the agreement will bring prosperity by creating many jobs and business prospects, gradually exposing Indian manufacturers to strong competition that will benefit every citizen with competitively priced high-quality goods.

Over 75,000 Indian professionals and more than 900 businesses are anticipated to gain from it., he highlighted.

Furthermore, he stated that no tariff concessions have been given to the UK on sensitive farm products, including dairy, vegetables, apples, edible oils, oats, millets, cooking oils and others, which are protected under the agreement by being placed on the sensitive list.

The Minister further added that the government’s approach of giving priority to food security, domestic price stability and vulnerable farming communities is reflected in these exclusions.