"PM Modi in the UK: No Tolerance for Hypocrisy in the War on Terror"
In a significant step towards strengthening bilateral ties, the Free Trade Agreement (FTA) between India and the United Kingdom has been officially signed. The comprehensive economic and trade agreement, aimed at enhancing economic integration and trade, is set to bring numerous benefits and impact various sectors in both countries.
Prime Minister Narendra Modi, in his address, described the agreement as a blueprint for shared prosperity. The deal offers key benefits that are expected to boost India's exports significantly, increase trade, and open new market opportunities for both nations.
## Key Benefits
The agreement provides 99% duty-free access for Indian exports to the UK, covering nearly the entire trade basket. This move is projected to increase bilateral trade by nearly 39% in the long run, with UK exports to India rising by about 60% and UK imports from India by 25%.
## Sectors Impacted
Several sectors are expected to benefit from the FTA. In agriculture, many agricultural products, including fruits, vegetables, and spices, will have duty-free access, with India aiming to increase its agri-exports by over 20% in three years.
The marine products sector will also see significant growth, with no tariffs imposed on Indian marine products, creating an export opportunity worth approximately $5.4 billion.
In the textile industry, duty-free access for India's textiles across 1,143 product categories will improve competitiveness with countries like Bangladesh and Cambodia. Labour-intensive industries such as leather, footwear, sports goods, toys, gems, and jewelry are also expected to benefit from the agreement.
Fast-growing sectors like engineering goods and auto components will also see increased opportunities due to the FTA.
## Other Highlights
PM Modi extended condolences to people from the UK who lost their lives in the crash of the Ahmedabad-London Air India Dreamliner on June 12. He also acknowledged the contributions of people of Indian-origin in the UK, which extend beyond the economy to culture, sports, and public service.
The PM emphasized the importance of respecting the sovereignty and territorial integrity of all nations. He also thanked Keir Starmer and the UK government for their strong condemnation of the terrorist attack in Jammu and Kashmir's Pahalgam in April.
The agreement between India and the UK is seen as a significant step towards shared prosperity and security cooperation. The security agencies of both countries will continue to enhance cooperation on matters such as the extradition of economic offenders.
Indian farmers are expected to gain significantly as the country's agricultural and processed food products will now enjoy duty-free access to the British market. The PM also spoke about the need for unity in the fight against terrorism, without naming any country.
In a veiled message towards those who misuse democratic freedoms to undermine democracy, the PM did not mention any specific country. Similarly, he did not provide specific details about the ongoing discussions on peace and stability in the Indo-Pacific, the ongoing conflict in Ukraine, and the situation in West Asia.
In conclusion, the India-UK Free Trade Agreement is set to boost economic growth, enhance trade relations, and provide new opportunities for businesses and professionals in both countries. The agreement, which is expected to double bilateral trade between India and the UK, is a significant step towards shared prosperity and security cooperation.
- The India-UK Free Trade Agreement is anticipated to increase India's exports significantly, with the agreement offering 99% duty-free access for Indian exports to the UK.
- In the agriculture sector, many agricultural products will have duty-free access, which India aims to utilize to increase its agri-exports by over 20% in three years.
- In the marine products sector, no tariffs will be imposed on Indian marine products, creating an export opportunity worth approximately $5.4 billion.
