India-UK FTA a boost for MNCs looking at China+1
Moreover, the duty-free access to products from key labour-intensive sectors-including textiles & garments, gems & jewellery, leather, farm and processed food and marine-would help create jobs, they said. Even capital-intensive industries, including engineering goods, pharma and clean energy, could get a fillip, they added.
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The UK, a gateway to Europe, promises duty-free access to 99% of Indian goods. This creates big scope for global companies to bolster their presence in a cost-effective market like India and take advantage of the duty-free access to the UK market and explore better integration with the European market in this process, some experts said.
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The experts, however, await the agreement's fine print on the give-and-take to gauge the precise gains that could accrue to India on the investment front.
"FTA is a tool for integration. The economies of the two countries are already integrated but there is a fair amount of potential for further integration," former commerce secretary Rajeev Kher told ET. This creates scope for investments, he said.
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Kher added that once an investment agreement, which is being negotiated with the UK separately, is adopted, there would be greater clarity on investment flows.
Nagesh Kumar, CEO at Institute for Studies in Industrial Development and a member of the central bank's monetary policy committee, said: "I expect the investments to increase because the preferential access to the UK market will attract those entities that are seriously pursuing a 'China+one strategy' and are diversifying their supply chains".
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