Free Trade Agreement Between India and the UK
A free trade agreement (FTA) between India and the UK is being implemented to strengthen the economic relationship in the post-Brexit era. The FTA has also enhanced the economic relations between these two countries by minimising the trading restrictions, promoting investment, and developing a closer economic relationship. India is an important trade partner for the UK as it seeks to establish independent trade policies outside the European Union. The UK is also an important trade partner destination for India for its exports, investments, and technological cooperation. The main objectives of the FTA between India and the UK are:
The FTA is focused on reducing tariffs on a wide range of goods kenya phone number list like textiles, pharmaceuticals, agricultural products, automated parts, electronics, etc. This will make Indian products more competitive in the UK market and increase their demand.
An increase in trade and investment due to the FTA will increase job opportunities for people in different sectors, like exports of Indian textiles, apparel, manufacturing sectors, etc.
The FTA will allow better access to each other’s markets for IT services, financial services, legal services, healthcare, etc.
This agreement will protect each other’s investments, creating a suitable environment for the investors to stay transparent.
FTAs can also promote foreign direct investment (FDI) flow between the UK and India.
Consumers in both countries will be getting goods and services at lower prices because of the removal of tariffs on products and services.
FTA is focused on including rights for labour, environmental protection, sustainable development, etc., to make sure there is constant economic growth without compromising on social and environmental standards.
There are many products exported from India to the UK and other countries. However, the 10 premier products that are exported to the UK from India are as follows:
Textiles and apparel
Textiles and apparel are some of the key products exported to the UK from India. In 2023, India exported around INR 554 crores of textiles and apparel to the UK market, which is approximately 20% of India’s total exports. The export of textiles and apparel includes cotton textiles, ready-made garments, home textiles, silk and woollen textiles, synthetics, etc. The demand in UK markets is expected to grow at a rate of 8–10% annually for Indian textiles and apparel, as it is proven to be cost-effective and accessible because of the FTA between the UK and India.
10 Premier Products Exported to the UK From India
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