Industry bodies call India-UK Free Trade Agreement a "transformational milestone"

New Delhi [India], July 24 (ANI): Industry trade bodies and industry leaders have welcomed the signing of the India-UK Free Trade Agreement (FTA), terming the deal a "transformational milestone in bilateral economic relations" of the two countries.
India and the UK signed a Comprehensive Economic and Trade Agreement (CETA) on Thursday, aimed at providing greater access to goods and services between the two countries.
Industry body Confederation of Indian Industry (CII), in a statement, added, "Once implemented, the India-UK FTA is expected to reduce trade barriers, enhance investor confidence, and promote joint ventures and technology transfers, especially in labour-intensive sectors like textiles and apparel, leather and leather goods, gems and jewellery, and marine products, among others."
"The agreement will provide a strong framework for unlocking new opportunities in clean energy, digital technologies, life sciences, and advanced manufacturing. India's rapidly growing market and manufacturing capabilities, combined with the UK's strengths in innovation, finance, and high-end services, will further accelerate bilateral economic relations," CII's statement added.
Sunil Bharti Mittal, Founder & Chairman of Bharti Enterprises and Co-Chair of the India-UK CEO Forum, applauded the deal, saying, "Indian industry across all sectors welcomes the India-UK FTA with great optimism. This agreement establishes a modern, forward-looking partnership that will stimulate innovation, ease market access, and foster investment. Businesses in India as well as the UK stand to gain tremendously, as it lays the groundwork for scaling up bilateral cooperation across key growth sectors."
"The signing of the India-UK Free Trade Agreement is a landmark moment for Indian industry. We commend both governments for finalising a deal that promises to catalyse bilateral trade, enhance competitiveness of Indian SMEs, and open new doors for industries in manufacturing, services, and technology sectors. The agreement is a testimony to the strategic depth that will lead to doubling of bilateral trade to over USD 120 Billion by 2030 with UK," said Hemant, Jain, President, PHDCCI.
Reacting to the significant development, Anish Shah, Group CEO & MD, Mahindra Group, said, "The landmark trade agreement between India and the UK marks a transformative moment in the global economic landscape. It's not just a win for trade but a blueprint for a modern, values-led partnership that puts innovation, sustainability, and inclusive growth at the heart of global collaboration."
"This deal is also a testament to the growing stature of India as a trusted partner and innovation powerhouse in the global order. We commend both governments for their bold leadership in charting a shared future rooted in prosperity, sustainability, and trust," he added.
Reacting to the development, Sudhir Sekhri, Chairman of AEPC, said, "This agreement will enhance market access and spur investment and job creation in the garment sector, besides creating new opportunities for businesses and consumers on both sides."
Alison Barrett, MBE, Country Director India, British Council, said, "The landmark UK-India trade deal unlocks thousands of jobs and boosts growth across both economies. The Comprehensive and Strategic Partnership will see closer collaboration on defence, education, climate, technology and innovation. I am pleased to see education recognised as a core pillar of the partnership, placing people - especially young people from India and the UK - at the heart of this vibrant relationship."
Over the past five years, India has maintained a positive trade balance with the UK, which remains a key trading partner. Both economies aim to double bilateral trade to USD 120 billion by 2030.
Currently, more than 970 Indian companies operate in the UK, contributing approximately £1.17 billion in corporation tax and providing employment to around 1.1 million people, playing a vital role in supporting local economies and livelihoods.
Among the many key benefits, the FTA is a reciprocal Social Security Agreement, allowing Indian professionals in the UK to continue home country contributions for up to three years. This aligns closely with CII's earlier recommendation for a five-year exemption period.
Chandrajit Banerjee, Director General of CII, added, "This FTA marks a defining moment in our bilateral relationship, reflecting a shared commitment to inclusive growth, economic resilience, and industrial transformation. It creates a strong foundation for deeper market access, regulatory cooperation, and next-generation partnerships between Indian and UK businesses." (ANI)