As the India-United Kingdom Free Trade Agreement (India-UK FTA) comes into force today, Union Commerce and Industry Minister Piyush Goyal said that the agreement is opening new avenues for trade, investment and innovation.

 

In an article in English daily, Mr Goyal said that the FTA will create unique opportunities for the businesses while further accelerating Prime Minister Narendra Modi’s vision of Viksit Bharat 2047. He noted that this ambitious agreement will empower every section of society, reflecting the capabilities and aspirations of the people of India. Mr Goyal underlined that the India-UK FTA will benefit Women, farmers, youth, MSMEs, innovators, professionals and fisherfolk, creating various opportunities.

 

Further, He highlighted that it will not only benefit just Indian exporters, but also white-collar service sector professionals across skillsets. He noted that under the agreement, nearly all of India’s exports to the UK will enjoy duty-free access, creating huge opportunities for small businesses, farmers, fishermen, innovators, women, and labour-intensive industries. 

 

Mr Goyal added that the FTA will bring prosperity by creating numerous jobs and business opportunities, gradually exposing Indian manufacturers to healthy competition that will benefit every citizen with competitively priced high-quality goods. He expressed optimism that more than 75 thousand Indian professionals and over nine hundred companies are expected to benefit from it.

 

Further, he mentioned that the agreement safeguards sensitive farm products such as dairy, vegetables, apples, edible oils, oats, millets, cooking oils and others by placing them in the sensitive list and added that no duty concessions have been granted to the UK on these items. The Minister noted that these exclusions reflect the Government’s strategy of prioritising food security, domestic price stability and vulnerable farming communities.