India Inc welcomes UK trade pact, highlights positives of FTA

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 market.
Welcoming 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 FTA.

FICCI 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 Convention.
UK is India's major trading partner.
The 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 Agarwal.
In 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 added.
The UK India Business Council (UKIBC) also welcomes the agreed landmark trade deal between the United Kingdom and India.
The 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 statement.
British 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 ago.
Richard 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 milestone.
It acknowledged the complexities involved in such negotiations and recognise the dedication of all stakeholders in navigating these challenges.
Manoj 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."
A 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 Sakthivel.
PHDCCI also applauded the successful conclusion of the India-UK Free Trade Agreement--a landmark deal expected to boost bilateral trade.
This historic pact will deepen our Strategic Partnership and drive robust economic growth in both nations, said Hemant Jain, President, PHDCCI.
Founder 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 added.
SC 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 chain.
This 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 landscape.
FIEO 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)