
India-UK FTA to push trade to $100 billion by 2030, says India Inc; FMCG, healthcare to gain
Live Events
(You can now subscribe to our
(You can now subscribe to our Economic Times WhatsApp channel
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.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Time of India
23 minutes ago
- Time of India
Financial sector regulators to work on universal KYC
Financial sector regulators, led by the RBI, are developing a universal KYC framework with the CKYCR to streamline verification processes. Nirmala Sitharaman urged regulators to ensure seamless KYC experiences for citizens and expedite refunds of unclaimed amounts through district-level camps. The FSDC also discussed strengthening cybersecurity and implementing budget announcements related to KYC simplification for NRIs, PIOs, and OCIs. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads New Delhi: Financial sector regulators, including the Reserve Bank of India , will look at a universal know your customer (KYC) framework and develop systems with the Central Know Your Customer Registry (CKYCR) to promote the inter-usability of records and avoid multiple minister Nirmala Sitharaman in a meeting of the Financial Stability and Development Council (FSDC) in Mumbai on Tuesday urged the financial sector regulators to take proactive steps to ensure that citizens have a seamless experience with the KYC processes across the financial a statement, the finance ministry said the FSDC also considered strengthening the cyber resilience framework of the Indian financial sector through a financial sector-specific cybersecurity FSDC also discussed issues relating to formulating a strategy for implementing the past decisions and the budget announcements, which included prescribing common KYC norms, simplification and digitalisation of the KYC process, including digital onboarding for non-resident Indians (NRIs), PIOs and OCIs in the Indian securities FSDC has representation from the Reserve Bank of India (RBI), the Insurance Regulatory and Development Authority of India (Irdai), the Securities and Exchange Board of India (Sebi), the Pension Fund Regulatory and Development Authority (PFRDA) and officials from the finance and corporate affairs urged the regulators and departments to expedite the process of refund to rightful owners of unclaimed amounts by holding special district-level also emphasised that interest of common citizens be kept in mind and therefore expeditiously refund the claims of the rightful claimants, the statement unclaimed amounts comprise deposits in banks, unclaimed shares and dividends managed by IEPFA and unclaimed insurance and pension funds with Irdai and PFRDA, drive is to be conducted in coordination with RBI, Sebi, MCA, PFRDA and Irdai along with banks, pension agencies and insurance finance ministry statement noted that the FSDC also deliberated on the emerging trends from the domestic and global macro-financial situation and stressed the need to be vigilant."The council recognised the need for proactive efforts to mitigate potential risks to financial stability while adopting adequate safeguards for the financial system's resilience," it said.


Time of India
26 minutes ago
- Time of India
tilaknagar industries: Allied Blenders buys rights to Mansion House and Savoy Club Brands
Mumbai: Allied Blenders and Distillers Ltd (ABD) said it has acquired global rights for Mansion House and Savoy Club brands from UTO Asia for $1.2 deal excludes territories such as Singapore, Malaysia, Indonesia, Philippines, Thailand, Cambodia, Vietnam, Laos, China, and Myanmar."The acquisition of UTO Asia and the associated ownership of worldwide right, title interest in the Mansion House and Savoy Club brands aligns with ABD's strategic expansion objectives, allowing it to gain full control over the Mansion House and Savoy Club brands on a global scale, while specifically addressing regional interests in key markets," it said in a BSE filing. In India, Tilaknagar Industries Ltd and ABD are involved in a trademark dispute over these brands. While Tilaknagar holds exclusive rights to sell these brands in India, ABD has been granted permission by the Bombay High Court to launch products under the same brand names, particularly in West Industries entered a pact with Herman Jensen (formerly UTO) nearly four decades ago and had claimed the latter ceded the rights of Mansion House brandy to rescue itself from a court action in Rotterdam in 1987. Under this arrangement, Jensen would retain Mansion House brand in whisky, which was a bigger business then. The Dutch side, however, argued that the arrangement was never legally solemnised and moved courts in 2008, when Mansion House brandy had emerged as a formidable brand in the Indian December 2011, a one-member bench of the Bombay HC held that Tilaknagar had the rights to Mansion House in India, but Herman Jensen went on to appeal before a division bench. In 2014, ABD bought a 50% stake in the two brands from Herman Jansen, giving ABD rights to produce and sell them in the country. In February this year, the Bombay HC dismissed Tilaknagar's plea and granted Allied Blenders permission to use the Mansion House brand name for some of its products in West Bengal.


Economic Times
an hour ago
- Economic Times
IKEA to raise its India sourcing to 50% from 30%
(You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel Stockholm: Swedish major IKEA will raise its sourcing from India to 50% from 30% now, Benjamin Dausa , Sweden's minister for international development cooperation and foreign trade said Wednesday. He called upon both India and the European Union to forge a trade agreement that focuses not just on tariff barriers but also on non-tariff a joint session of industry leaders from India and Sweden, Dausa said India can become an increasingly "trusted manufacturing" and the prospect of a trade deal between the European Union and India represents an incredible an "unstable world" both are partners who will complement each other and be resilient together, he said at a session jointly organised by CII and Confederation of Swedish Enterprises in Stockholm."IKEA has communicated their ambition to amplify sourcing locally from India to 50% for its global operations, from the current 30%," Dausa said, citing the company's example to highlight the importance of the Indian market for Swedish companies. The Swedish furniture company entered in India in 2018.