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'UK trade pact will help us, India must sign more', says RBI Guv Malhotra
Speaking at the FE Modern BFSI Summit, Malhotra said that global cooperation through multilateral agreements has slowed down, making such bilateral trade deals more important than ever.
'Hopefully it [FTA with UK] should help us... that is the way going forward now, because unfortunately multilateralism seems to have taken a back seat,' he said, as quoted by news agency PTI.
Malhotra said India should pursue similar trade agreements with other countries. He added that negotiations with the United States are already in 'advanced stages'. 'It should help various sectors in our manufacturing as well as on the services side,' he said, referring to the UK deal. Malhotra further mentioned that several other trade pacts are currently under negotiation.
He also expressed support for US Federal Reserve Chairman Jerome Powell, who is facing criticism from President Donald Trump. 'He [Powell] is doing a very good job. Maintaining independence of the central bank is very important. I think he has done a commendable job,' Malhotra said.
India-UK free trade agreement
India and the UK on Thursday signed the FTA, officially called the Comprehensive Economic and Trade Agreement (CETA), during Prime Minister Narendra Modi's two-day visit to London. Approved by the Union Cabinet earlier this week, the agreement is expected to increase bilateral trade by $34 billion annually.
Under the trade agreement, Indian farmers and exporters will get duty-free access to the UK market for a range of agricultural products such as fruits, vegetables, cereals, spices (like turmeric, pepper, and cardamom), and processed foods including mango pulp, pickles, and ready-to-eat items.
The government expects agricultural exports to grow by more than 20 per cent in the next three years, helping India meet its target of $100 billion in agri-exports by 2030. Marine products from India will also enjoy zero tariffs in the UK, which could lead to better earnings for Indian fishermen due to higher procurement prices.
The chemical industry is likely to see a significant jump in exports to the UK — by 30-40 per cent — reaching $650-750 million in 2025-26.
Tariff cuts to boost UK-India trade
India will also gradually reduce import tariffs on several British products. For instance, duties on whisky will drop from 150 per cent to 40 per cent over ten years. British cars will see import taxes fall from over 100 per cent to 10 per cent, under a quota system. Tariffs on gin, cosmetics, and medical devices will also be reduced.
In return, the UK will offer zero-duty access to 99 per cent of Indian exports, including textiles, leather goods, gems, jewellery, marine items, toys, and sports equipment. The agreement will also open up opportunities for Indian companies to bid for public projects in the UK in sectors such as healthcare, transport, and energy.
[With agency inputs]
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