New Delhi Piyush Goyal, the Union Minister of Commerce and Industry, emphasised the India-UK Free Trade Agreement’s (FTA) transformational potential on Saturday, saying it provides attractive development opportunities for a variety of industries.
The Union Minister posted on social networking site X, saying, “The India-UK FTA offers promising avenues of growth for diverse sectors.”
An important turning point in the economic ties between India and the UK is the FTA, which was reached after protracted talks.
Major industries including textiles, marine products, leather, footwear, sports goods, toys, gems and jewellery, engineering goods, auto components, and organic chemicals stand to gain from the pact, which seeks to eliminate tariffs on 99 percent of Indian exports to the UK.
The agreement is anticipated to greatly increase trade in services, including IT/ITeS, financial and professional services, business services, and education, in addition to products.
This all-encompassing strategy seeks to promote economic development in both countries and increase bilateral commerce.
One noteworthy aspect of the FTA is the three-year exemption from social security payments for Indian employees and their employers who are temporarily in the UK.
It is anticipated that this clause would increase the competitiveness of Indian service providers in the UK market and allow professionals to travel more freely.
Minister Goyal underlined earlier this month that the FTA is about people, opportunities, and prosperity in addition to products and services.
He thanked Prime Minister Narendra Modi for his leadership and support, which enabled the trade agreement.
The Union Minister said that India is becoming more and more acknowledged as a “Vishwa Mitra — Trusted Partner” on the international scene under Prime Minister Modi’s inspiring leadership.
“The India-UK FTA complements both countries’ growth aspirations and is in line with India’s vision of becoming a developed nation by 2047,” Goyal said.
It is anticipated to improve competitiveness, provide direct and indirect job possibilities, and integrate value chains, all of which will strengthen supply networks’ resilience.
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