UK FTA to boost Indian apparel, leather exports vs Bangladesh, Vietnam: Exporters
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The removal of import duties on a range of Indian goods in labour-intensive sectors such as apparel, clothing, and leather under the free trade agreement with the UK will boost the competitiveness of domestic players in the British market against countries like Bangladesh and Vietnam , exporters say. They also said that the Free Trade Agreement (FTA) has eliminated or significantly reduced tariffs on a wide range of Indian goods, which would give domestic exporters preferential access to one of the world's most affluent and consumption-driven markets."Removal of tariffs will enhance India's competitiveness against countries like Bangladesh and Vietnam," Federation of Indian Export Organisations (FIEO) President SC Ralhan said.He added that streamlined regulatory processes will accelerate generic drug approvals in the UK.Sharing similar views, A Sakthivel, Vice Chairman of the Apparel Export Promotion Council (AEPC) said that by unlocking new export opportunities, reducing trade barriers, and enabling greater access to the premium UK market, this agreement promises to empower Indian weavers, manufacturers, and exporters across the value chain "The India-UK FTA is expected to pave the way for long-term growth, attract investment, and create a more favourable business environment for textile stakeholders in both countries," Sakthivel said.Sectors such as woven and knitted apparel, made-ups, footwear, carpets, and marine products will become more competitive in the UK market.Products, like woven and knitted apparel, made-ups, footwear, carpets, and marine goods, will now enter the UK market with tariff advantages ranging from 5-9 per cent.For instance, woven apparel, which currently sees exports of USD 753 million from India to the UK, is projected to grow to USD 1.6 billion by 2027.Similarly, knitted apparel exports could rise from USD 654 million to USD 1.13 billion, while made-ups are expected to jump from USD 276 million to USD 477 million.Other sectors are also poised for growth due to duty cuts.Footwear exports are projected to increase from USD 279 million to USD 545 million, carpets from USD 102 million to USD 185 million, and marine products from USD 107 million to USD 185 million.Even in more industrial categories, auto components and vehicles could double from USD 286 million to USD 572 million, thanks to an 8 per cent tariff advantage.Similarly, aluminium and its products may grow from USD 102 million to USD 200 million by 2027, and organic chemicals from USD 420 million to USD 966 million.Gautam Hari Singhania, Chairman, Raymond Group said such agreements are vital for integrating India more deeply into resilient global value chains, strengthening the country's position as a trusted manufacturing and export partner on the world stage.India and the UK clinched a 'landmark' trade deal that will remove taxes on the export of labour-intensive products such as leather, footwear and clothing, while making imports of whisky and cars from Britain cheaper, in a bid to double trade between the two economies to USD 120 billion by 2030.The world's fifth and sixth-largest economies concluded the deal after three years of on-off negotiations.
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