Duty concessions may push up chemical exports to UK to USD 650-700 mn in FY26
free trade agreement
(FTA), a senior commerce ministry official said.
The duties on chemical products will be zero now, from up to 8 per cent earlier.
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"While current chemical exports to the UK stand at USD 570.32 million (about 2 per cent of India's global chemical exports), the FTA is set to unleash a new era of growth.
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"The FTA is anticipated to trigger a dramatic 30-40 per cent increase in India's chemical exports to the UK, propelling figures to an estimated USD 650-750 million in the upcoming fiscal year 2025-26," the official said.
In chemicals and allied products, India exports over USD 40.52 billion globally, against the UK's imports of USD 35.11 billion.
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