Indian textile and apparel giants set to benefit from India-UK free trade deal
Indian exports such as textiles, footwear, gems and jewellery, furniture, and sports goods among other items likely to have zero duties, down from current levels of 4% to 16% in the UK. The trade pact is expected to increase the UK's GDP by 4.8 billion pounds annually in the long term, according to British government estimates, with consumers getting access to cheaper garments and footwear items from India.
Indian textile and apparel manufacturers such as Welspun India, Arvind Ltd, Raymond, Vardhman are likely to benefit from duty-free access for exports to the UK. Footwear manufacturers such as Bata India and Relaxo could also benefit, according to industry analysts.
According to the Indian commerce ministry, the UK will also provide assured access for temporary stay to Indian business visitors and contractual service providers. UK businesses will in turn receive access to India's public procurement market.
Britain and India are set to formally sign a free trade agreement on Thursday during Prime Minister Narendra Modi's UK visit, following three years of negotiations. The deal then needs approvals from the British parliament and India's federal cabinet, likely to come to fruition within a year. The UK will offer duty-free access to 99% of Indian items, according to the Indian commerce ministry, covering nearly 100% of trade value.
FashionNetwork.com with Reuters
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