India-UK Free Trade Agreement 'Game-Changing', Will Aid Industry, MSMEs And Farmers: Goyal

Union Minister for Commerce and Industry Piyush Goyal on Saturday termed the India-UK free trade agreement as 'game-changing' and said it will benefit every section in India including farmers, youth, MSME sector and Industry.

With this, India would be able to ship 99% of its exports to UK duty-free, he said.

The India-UK Free Trade Agreement, also called Comprehensive Economic and Trade Agreement, was signed by Goyal and his counterpart Jonathan Reynolds in the presence of Prime Minister Narendra Modi and British Prime Minister Keir Starmer on Thursday.

Addressing a press conference at the BJP headquarters here, Goyal attributed India's success in signing the FTA to Prime Minister Modi's leadership and said, "It is a game-changing agreement."

It will bring 'immense opportunities' to the farmers of India, Indian industry, the MSME sector, the workers, youth and fishermen, he said.

Goyal asserted that the agreement was signed with the UK 'confidently' on India's terms while protecting 'sensitive items' like agriculture and ethanol.

In an apparent dig at the Congress, he claimed that in several instances during the UPA rule, they opened the Indian markets in such a manner that they harmed the country.

"I believe that this FTA carries a very big message for the future economy of India. We will all see the benefits that India will get under it in the coming years," he said.

The minister said that the FTA will come into effect as soon as it gets UK Parliament's approval.

He appealed to the Indian Industry to study the agreement and start looking for markets in various sectors including footwear, leather, toys, pharmaceuticals, gems and jewelries, food processing and service.