UK-India Free Trade Agreement to Take Effect from July 15

UK-India Free Trade Agreement to Take Effect from July 15

The Indian government has announced that the UK-India Free Trade Agreement (FTA) will be implemented from July 15. This development is expected to boost exports of Indian goods to the UK, as nine trade pacts have been opened up under the agreement.

According to Piyush Goyal, Union Minister for Commerce and Industry, the implementation of the FTA marks a significant milestone in the bilateral trade relationship between India and the UK. The agreement will provide greater market access for Indian exporters, enabling them to tap into the vast and growing UK market.

The nine trade pacts opened up under the agreement include sectors such as textiles, pharmaceuticals, and engineering products. These industries are expected to benefit significantly from the reduced tariffs and non-tariff barriers imposed by the FTA.

Goyal’s announcement comes ahead of India’s general elections, with the Narendra Modi-led government looking to showcase its achievements in the trade and commerce sector. The implementation of the FTA is likely to be a key campaign plank for the ruling party.

Market analysts expect the FTA to have a positive impact on Indian exports, particularly in the short term. However, some concerns have been raised about the potential impact on India’s domestic industries, which may face increased competition from imported goods.

As the FTA takes effect on July 15, industry players and policymakers will be closely watching its implementation and impact on bilateral trade.

Source: original report.