India-UK FTA to push trade to $100 billion by 2030, says India Inc; FMCG, healthcare to gain
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New Delhi: The India-UK Free Trade Agreement (FTA) is expected to drive bilateral trade by more than two-thirds to $100 billion by 2030, India Inc said Tuesday, underscoring the role of the landmark deal in helping deepen strategic ties between the two leading economies of Asia and Europe."CII commends the government for finalising the landmark India-UK Free Trade Agreement," Sanjiv Puri, president, Confederation of Indian Industry (CII), said."The timely agreement will help advance a comprehensive strategic partnership between India and the UK, steering bilateral trade toward the ambitious target of $100 billion by 2030."Bilateral trade between the UK and India totaled 42.6 billion pounds (the equivalent of about $57 billion) in 2024, said a Reuters report. India was the UK's 11th biggest trading partner, said the report.India Inc expects sectors such as FMCG, healthcare, and innovation-driven enterprises to receive impetus from the FTA, benefiting exporters as they get greater access to the UK market."The India-UK Free Trade Agreement is not just a trade pact, but is also a bridge to shared prosperity," said Harsha Vardhan Agarwal, president, Federation of Indian Chambers of Commerce & Industry ( Ficci ). "It brings a new momentum to sectors like FMCG, healthcare, and innovation-driven enterprises."Industry groupings said the majority of their demands were included in the agreement. "It is heartening to note that the key demands of industry in terms of greater market access for Indian products, enhanced mobility and social security pact to avoid double contribution to social security funds have been considered in the India-UK FTA," Ficci said.Assocham, meanwhile, said the FTA was a win-win deal.
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