New Delhi, May 10 (IANS) Union Minister of Commerce and Industry, Piyush Goyal, on Saturday highlighted the transformative potential of the India-UK Free Trade Agreement (FTA), stating that it offers promising avenues of growth for diverse sectors.
“The India-UK FTA offers promising avenues of growth for diverse sectors,” the Union Minister wrote on social media platform X.
The FTA, finalised after extensive negotiations, marks a significant milestone in the economic relations between India and the United Kingdom.
The agreement aims to remove tariffs on 99 per cent of Indian exports to the UK, benefiting major sectors like textiles, marine products, leather, footwear, sports goods, toys, gems and jewellery, engineering goods, auto components, and organic chemicals.
Beyond goods, the deal is also expected to significantly boost trade in services such as IT/ITeS, financial and professional services, business services and education.
This comprehensive approach aims to enhance bilateral trade and foster economic growth in both nations.
A notable feature of the FTA is the exemption for Indian workers temporarily in the UK and their employers from paying social security contributions for a period of three years.
This provision is expected to make Indian service providers more competitive in the UK market and facilitate greater mobility for professionals.
Earlier this month, Minister Goyal emphasised that the FTA is not merely about goods and services but also about people, possibilities, and prosperity.
He expressed gratitude to Prime Minister Narendra Modi for his guidance and encouragement, which made the trade deal possible.
“Under Prime Minister Modi's visionary leadership, India is increasingly recognised as a "Vishwa Mitra -- Trusted Partner" on the global stage,” the Union Minister said.
“The India-UK FTA is aligned with India's vision of becoming a developed nation by 2047 and complements the growth aspirations of both countries,” Goyal mentioned.
It is expected to generate direct and indirect employment opportunities, enhance competitiveness, and integrate value chains, thereby contributing to the resilience of supply chains.
--IANS
pk/na
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