India-UK FTA Set To Boost Bilateral Trade By GBP 25.5 Bn Annually: British Deputy Trade Commissioner

New Delhi, July 22 (KNN) The recently finalised India-UK Free Trade Agreement (FTA) is expected to boost bilateral trade by GBP 25.5 billion annually, according to Anna Shotbolt, Deputy Trade Commissioner for South Asia, British High Commission. 

Speaking at a PHD Chamber of Commerce and Industry (PHDCCI) event in the capital, Shotbolt highlighted the wide-ranging benefits of the FTA, calling it one of the most comprehensive trade agreements India has ever signed.

Under the agreement, tariff reductions on 90 percent of traded goods will be implemented, benefiting a host of industries across both nations. 

“However, it's not only about tariffs,” she noted. “Stronger copyright protections will support creative industries, the services sector will gain through greater access and certainty, and the Double Contributions Convention (DCC) will offer improved social security coordination for workers in both countries.”

Ranjeet Mehta, CEO and Secretary General, PHDCCI, underlined the importance of the social security clause that facilitates the movement of Indian professionals to the UK. 

He further stressed that India’s net-zero ambitions by 2070 demand sustainable and technologically advanced practices from domestic businesses, especially MSMEs. 

“The UK offers a vast market, and collaboration can help Indian enterprises scale sustainably,” he added.

(KNN Bureau)