India and the UK’s bilateral economic relations are crucial in the face of global economic uncertainties and geopolitical developments. “Signing a Free Trade Agreement could significantly increase bilateral trade and investment, creating employment opportunities, enhanced incomes, and improved living standards,” said Shri Sanjeev Agrawal, President, PHDCCI. Proper trade negotiations and efficiency can further enhance this relationship. India and the UK are enhancing their bilateral trade trajectories, with growth prospects for trade and investments being compatible and sustainable for decades.
India and the UK have a strong partnership in fields like education, skill development, smart cities, technology, advanced manufacturing, and engineering. Their historical ties and technological prowess align well, with the UK providing India with infrastructure in logistics and construction. The partnership spans from agriculture to space and has immense potential for growth.
The India-UK Free Trade Agreement should be enhanced by removing market access restrictions and promoting the movement of products, services, capital, technology, and people between the two economies, alongside the development of an enhanced trade partnership. He further said that “The India-UK Free Trade Agreement aims to provide openness, predictability, and clarity while fostering bilateral competition.” It eliminates trade barriers and will grow businesses and industries while boosting exports. The agreement will benefit ICT, financial services, food and beverage, fruits, automobiles, and pharmaceutical companies. It will also boost exports of textiles, leather goods, and footwear, improving job prospects in India.