Gender equality clause in proposed India-UK FTA to benefit women led MSMEs

New Delhi, July 5 (KNN) The proposed free-trade agreement (FTA) between India and the UK will majorly enhance the competitive edge of women-owned and women-led small and medium enterprises (SMEs), said UK Business and Trade Secretary Kemi Badenoch.

She said this in response to a report by the House of Commons Business and Trade Committee responsible for scrutiny of government policy on international trade.

“We have also provisionally closed a Trade and Gender Equality chapter in which we have agreed to undertake cooperation activity. This activity may enhance the competitiveness of women-owned and women-led SMEs, to better enable them to participate in international trade,” said Badenoch. 

“I hope that this will encourage businesses of every size and from every region of India and the UK to take advantage of this deal,” she added in response to the question on safeguards available to avoid or minimise potential adverse effects of trade liberalisation on MSMEs and rural communities.

She noted the significance of SMEs in the UK and Indian economies and that the two countries have “provisionally agreed a chapter which aims to ensure that SMEs can understand and navigate the other country’s systems and help them to utilise the many benefits of the whole FTA.” 

According to the UK government data, bilateral trade with India has already topped £36 billion in 2022, up by 45 per cent from 2021, supporting half a million jobs across both countries. The UK aims to double the bilateral trade with India by 2030 leveraging the proposed trade deal.

In June this year, India and the UK concluded their 10th round of talks for the FTA and the 11th round of negotiations is due to take place this month. (KNN Bureau)