India-UK FTA Ratification Will Take Few Months; Businesses Must Start Prepping, Says Piyush Goyal
The FTA, signed during Prime Minister Narendra Modi's visit to London, is India's first major such pact in over a decade.
Commerce Minister Piyush Goyal expressed confidence that the India-UK Free Trade Agreement would be ratified swiftly by the British Parliament, noting the pact has historically enjoyed bipartisan support.
Speaking to PTI, Goyal said that although the UK's parliamentary process might take a few months, businesses on both sides could begin planning their growth strategies immediately. He added that implementation work would commence right away and tangible benefits from the FTA will begin to accrue within months.
The FTA, signed during Prime Minister Narendra Modi's visit to London, is India’s first major such pact in over a decade.
The FTA will see India's average tariff to the UK will drop from 15% to 3%, while India secures duty-free access for 99% for exports to the UK, covering nearly the entire trade basket. The bilateral trade between the two countries stands at nearly $56 billion, with a joint goal to double this figure by 2030.
This is expected to open new opportunities for labour-intensive industries such as textiles, marine products, leather, footwear, sports goods, toys, and gems and jewellery, alongside fast-growing sectors like engineering goods, auto components, and organic chemicals.
