India-UK trade pact supports auto sector, addresses consumers' interests: SIAM
The commitments made by the government on automobile sector tariffs under the India-UK Free Trade Agreement addresses consumers' interests while supporting the broader goals of Indian industry, auto industry body SIAM said on Friday.
The India-UK trade deal provides duty-free access to several domestic sectors such as leather, electrical machinery and chemicals in the British market, unlocking nearly USD 23 billion in opportunities.
The pact, officially called Comprehensive Economic and Trade Agreement (CETA), was signed in London on Thursday in the presence of Prime Minister Narendra Modi and his British counterpart Keir Starmer. "We view this agreement as part of a wider strategic engagement and believe it opens new avenues for collaboration and opportunity with a key global partner," the Society of Indian Automobile Manufacturers (SIAM) President Shailesh Chandra said in a statement.
SIAM remains committed to working closely with the Government of India to ensure the benefits of the agreement translate into greater growth, global competitiveness, and technological progress for the Indian automotive industry, he added.
Chandra notes that that the pact marks a significant step forward in strengthening India's global economic engagement, particularly with developed economies. As two major economies enter a new phase of partnership, SIAM appreciates the government's extensive stakeholder consultations throughout the negotiation process, he added.
Concluding this transformative agreement amid global trade uncertainties reflects India's growing leadership in shaping modern trade and investment frameworks, Chandra said.
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