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Time of India
07-05-2025
- Business
- Time of India
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 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 meanwhile, said the FTA was a win-win deal.
Time of India
06-05-2025
- Business
- Time of India
India Inc welcomes UK trade pact, highlights positives of FTA
Indian industry captains have welcomed the signing of India-UK Free Trade Agreement as they feel the pact will immensely be beneficial for Indian exporters looking to enhance their presence in the UK market. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads New Delhi [India], May 6 (ANI): Indian industry captains have welcomed the signing of India-UK Free Trade Agreement as they feel the pact will immensely be beneficial for Indian exporters looking to enhance their presence in the UK the signing of India -UK Free Trade Agreement, Harsha Vardhan Agarwal, President, FICCI said, "It brings a new momentum to sectors like FMCG, healthcare, and innovation-driven enterprises. Guided by Prime Minister Modi's bold and strategic leadership, this milestone reflects India's growing stature as a global economic force and a trusted partner in progress."Following table highlights the itemwise benefit of the congratulated the Government of India and the UK for concluding the negotiations and signing the pathbreaking India-UK Free Trade Agreement along with the Double Contribution is India's major trading bilateral trade in goods and services between the two countries is currently more than USD 50 billion and with the trade agreement in place, this is expected to grow multifold in coming years, FICCI said."The conclusion of India-UK FTA reinforces India's growing economic strength and diplomatic influence. The trade deal is balanced and forward looking that will bring mutual gains on both sides," added a statement by Sanjiv Puri, President, CII, said, "This transformative accord reflects our shared commitment to deepening economic ties, bolstering technology collaboration, diversifying global supply chains, and fostering a more business-friendly environment.""Guided by the 2030 Roadmap, the timely agreement will help advance a comprehensive strategic partnership between India and the UK, steering bilateral trade towards the ambitious target of USD 100 billion by 2030," Puri UK India Business Council UKIBC ) also welcomes the agreed landmark trade deal between the United Kingdom and landmark trade deal, when signed, will represent a major step forward in strengthening the economic and strategic partnership between the UK and India, UKIBC said in a Business and Trade Secretary Jonathan Reynolds and Indian Commerce Minister Piyush Goyal held final talks in London last week after relaunching negotiations only two months Heald, OBE , Chair, UK India Business Council,"UKIBC welcomes the agreed landmark trade deal between the United Kingdom and India. It reflects the deep trust, shared values, and mutual ambition that define the UK-India relationship. This agreement will unlock new opportunities for businesses across both countries, drive economic growth, create jobs, and support innovation and collaboration across sectors. We are delighted to have worked closely with both governments and with businesses throughout the negotiation process. Our members and clients are excited about the opportunities that will now open up. UKIBC remains committed to supporting businesses to navigate the new framework and to fully realise the benefits of this historic agreement."As the United Kingdom and India announce a historic Free Trade Agreement (FTA), India Global Forum (IGF) and the UK India Future Forum UKIFF ) commended the sustained efforts of both governments in achieving this landmark economic acknowledged the complexities involved in such negotiations and recognise the dedication of all stakeholders in navigating these Ladwa, founder and Chairman, India Global Forum and UK India Future Forum said, "My congratulations to Prime Ministers Narendra Modi and Kier Starmer, as well as the negotiation teams of both countries. FTAs are notoriously complex and this truly is a remarkable achievement that will serve both countries well. This agreement represents a significant milestone in UK-India relations, underscoring the potential of our partnership and the opportunities that lie ahead. It is a testament to what can be achieved when diplomacy, pragmatism, and partnership come together with purpose, and of course, it is proof that democracies work best when democracies work together." Sakthivel , Vice Chairman of the Apparel Export Promotion Council (AEPC), has welcomed the announcement and extended his heartfelt congratulations to the Prime Minister and the Union Commerce Minister for their pivotal role in achieving this historic breakthrough."This is a Himalayan achievement that will provide a strong impetus to India's textile exports and boost employment and growth in the sector," said also applauded the successful conclusion of the India-UK Free Trade Agreement--a landmark deal expected to boost bilateral historic pact will deepen our Strategic Partnership and drive robust economic growth in both nations, said Hemant Jain, President, of Global Trade and Research Initiative, Ajay Srivastava , said The India-UK FTA marks a strategic deepening of a USD 45 billion trade relationship, with real gains for Indian sectors like textiles, footwear, carpets, cars, and marine products--all currently facing UK tariffs of 4-16 per cent."The inclusion of the Double Contribution Convention is a win for Indian professionals on short UK assignments, helping them qualify for social security by combining service periods across borders," Srivastava said."But the deal's true test lies in how the UK's Carbon Border Adjustment Mechanism (CBAM) is handled. If Indian exports still face CBAM levies while UK goods enter India duty-free, it risks turning a balanced FTA into a one-sided bargain. Let's hope this elephant in the room wasn't ignored," he Ralhan, President of Federation of Indian Export Organisations (FIEO) warmly welcomed the finalisation of the historic India-United Kingdom Free Trade Agreement (FTA), a landmark step that will significantly boost bilateral trade, attract strategic investments, and further integrate Indian businesses into the global value agreement comes at a pivotal time, said Ralhan, when India is positioning itself as a resilient and reliable trade partner in a rapidly evolving global said the FTA reflected the shared economic vision of both countries and sets the stage for a mutually beneficial, sustainable, and forward-looking trade relationship. (ANI)
Time of India
06-05-2025
- Business
- Time of India
India-UK FTA to boost bilateral trade to $100 billion by 2030 and benefit exporters, say industry bodies
AI-generated image " Industry organisations on Tuesday welcomed the India-UK Free Trade Agreement (FTA), asserting it will significantly support Indian exporters aiming to expand their presence in the UK market, particularly in the face of current global economic uncertainties . The agreement aspires to elevate bilateral trade to USD 100 billion by cited by news agency PTI emphasised that the FTA's success will hinge on effective implementation and the capacity of Indian businesses to capitalise on enhanced market access while navigating competition from UK leaders underscored that the FTA would provide a strong push to sectors such as fast-moving consumer goods (FMCG), healthcare, and innovation-led President Harsha Vardhan Agarwal said, "Guided by Prime Minister Modi's bold and strategic leadership, this milestone reflects India's growing stature as a global economic force and a trusted partner in progress."The agreement, Ficci noted, comes at a critical time when global trade dynamics remain uncertain, offering Indian exporters a valuable opportunity to strengthen their foothold in the read: Piyush Goyal lauds India-UK Free Trade Agreement Echoing similar sentiments, Confederation of Indian Industry (CII) President Sanjiv Puri said, "This significant agreement reflects our shared commitment to deepening economic ties, bolstering technology collaboration, diversifying global supply chains, and fostering a more business-friendly environment.""Guided by the 2030 roadmap, the timely agreement will help advance a comprehensive strategic partnership between India and the UK, steering bilateral trade towards the ambitious target of USD 100 billion by 2030," he Venu, managing director of TVS Motor Company, highlighted the deal's potential to enable Indian firms like TVS Motor to grow globally saying, "We really appreciate the effort taken by the government to make this historic India-UK Free Trade Agreement . Our British brand Norton will launch later this year and this agreement will help us scale faster and leverage common supply chains. We are excited as we further progress towards Viksit Bharat."Rishi Shah, partner and economic advisory services leader at Grant Thornton Bharat, said, "The UK-India FTA... promises significant growth in bilateral trade... The deal's success will ultimately depend on implementation and whether Indian businesses can leverage new market access while navigating competitive pressures from UK imports."Mayank Jain, Partner at Khaitan & Co, added,The substantial duty reductions across various tariff lines are expected to enhance market access and foster long-term economic benefits for both nations. Moving forward, the emphasis should be on implementing best practices and adopting a phased approach to further strengthen and deepen trade relations."Also read: India, UK forge Free Trade Agreement, PM Modi terms it 'historic milestone' The trade deal removes customs duties on 99 per cent of Indian goods entering British markets, whilst providing opportunities for Indian professionals to work in Britain, maintaining the UK's current points-based immigration system. The United Kingdom and India, ranking as the world's sixth and fifth-largest economies, concluded their negotiations after three years of periodic bilateral trade between India and the UK increased to $21.34 billion in 2023-24, up from $20.36 billion in 2022-23. During April-January 2024-25, the trade exchange amounted to $21.33 billion, exceeding the previous period's figure of $20.26 billion. India continues to maintain a positive trade balance in this bilateral to government representatives, this trade arrangement is advantageous for both nations. The agreement is expected to enable Indian consumers to access superior products at competitive prices, which would boost domestic consumption and economic development. Additionally, it provides British enterprises with opportunities in India's large and growing marketplace, aligning with the UK government's economic growth strategies, according to more: What does the UK-India FTA mean for India? Top benefits - from cheaper cars, whisky to cheer for Indian professionals
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First Post
06-05-2025
- Automotive
- First Post
India-UK FTA set to boost exports, push trade to $100 billion by 2030: Industry
Industry bodies said the India-UK FTA amid the current uncertain global environment will immensely benefit Indian exporters looking to enhance their presence in the UK market, steering bilateral trade towards the ambitious target of USD 100 billion by 2030. read more Industry bodies on Tuesday said the India-UK FTA amid the current uncertain global environment will immensely benefit Indian exporters looking to enhance their presence in the UK market, steering bilateral trade towards the ambitious target of USD 100 billion by 2030. They stressed that the free trade agreement (FTA) will impact new momentum to sectors like FMCG, healthcare, and innovation-driven enterprises. Ficci President Harsha Vardhan Agarwal said, 'Guided by Prime Minister Modi's bold and strategic leadership, this milestone reflects India's growing stature as a global economic force and a trusted partner in progress.'The India-UK FTA underscores the need for enhanced trade and investment opportunities amidst the current global trade environment that is faced with uncertainties. This deal will be immensely beneficial for Indian exporters looking to enhance their presence in the UK market, Ficci said. STORY CONTINUES BELOW THIS AD CII President Sanjiv Puri said this transformative accord 'reflects our shared commitment to deepening economic ties, bolstering technology collaboration, diversifying global supply chains, and fostering a more business-friendly environment'. More from Business How Indian fintech startups are driving Malaysia's UPI-like digital payments revolution 'Guided by the 2030 roadmap, the timely agreement will help advance a comprehensive strategic partnership between India and the UK, steering bilateral trade towards the ambitious target of USD 100 billion by 2030,' Puri said. Commenting on the deal, TVS Motor Company MD Sudarshan Venu said it creates large opportunities for Indian companies like TVS Motor to expand further and access new markets. 'We really appreciate the effort taken by the government to make this historic India-UK Free Trade Agreement. Our British brand Norton will launch later this year and this agreement will help us scale faster and leverage common supply chains. We are excited as we further progress towards Viksit Bharat,' he added. With inputs from agencies
Observer
28-01-2025
- Business
- Observer
Omani-Indian forum boosts trade, investment ties
MUSCAT: The Oman Chamber of Commerce and Industry (OCCI), in partnership with the Ministry of Commerce, Industry, and Investment Promotion, hosted the Omani-Indian Business Forum today. The event aimed to forge sustainable cooperation, foster innovation, and explore joint investment opportunities by leveraging the economic strengths of Oman and India. Key sectors highlighted during the forum included chemicals, power electronics, engineering, manufacturing, IT services, solar energy, health, agriculture, food security, infrastructure, tourism, and consumer goods. Faisal bin Abdullah al Rawas, Chairman of OCCI, described the forum as a strategic platform for business leaders and investors to deepen ties and unlock growth opportunities. He reaffirmed OCCI's commitment to strengthening private-sector partnerships between Oman and India, emphasizing the vital role of the Omani-Indian Joint Business Council in facilitating economic collaboration through events, conferences, and trade missions. Harsha Vardhan Agarwal, Chairman of the Federation of Indian Chambers of Commerce and Industry, highlighted the forum as a pivotal step toward expanding bilateral trade and investment. He identified various promising sectors for cooperation, emphasizing mutual economic benefits. Dr Abdullah bin Masoud al Harthy, OCCI Board Member, underscored the forum's alignment with Oman's Vision 2040 and India's Vision 2047. He noted that the economic ties between the two countries have flourished, with bilateral trade reaching $5.085 billion by October 2024. The forum featured presentations on investment opportunities, including "Economic Partnership between Oman and India," "Invest in Oman," and "Invest in India." Business leaders from both nations also held bilateral meetings to discuss potential collaborations in targeted sectors. The event was attended by high-ranking officials, including Qais bin Mohammed al Yousef, Oman's Minister of Commerce, Industry, and Investment Promotion, and Piyush Goyal, India's Minister of Commerce and Industry. The forum served as a testament to the enduring economic partnership between Oman and India, paving the way for innovation-driven, sustainable growth. — ONA
