Business leaders and industry groups across the India-UK corridor welcomed the Free Trade Agreement which is expected to facilitate trade, boost jobs and growth for both economies.
Lord Karan Bilimoria, chair of the International Chamber of Commerce (ICC) UK, said he was “over the moon” that the deal has been done because it will be a catalyst to turbocharge investments, doubling trade to over 80 billion pounds within five years.
“This is the biggest and most important pact that the UK has signed since Brexit. India is the fastest growing major economy in the world, and the fourth largest economy in the world and yet is only Britain’s 11th largest trade partner,” said Bilimoria.
The Confederation of Indian Industry (CII) described the FTA as a “transformative accord”. “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 $100 billion by 2030,” said CII president Sanjiv Puri.
The Federation of Indian Chambers of Commerce and Industry (Ficci) hailed the opening up of “massive export opportunities for labour-intensive sectors such as textiles, marine products, leather, footwear, sports goods, toys and gems and jewellery”.
“This landmark FTA is poised to significantly accelerate our export growth, with projections indicating a rise to $2.5 billion within the next two years. As a result, total bilateral trade in gems and jewellery is expected to double, reaching $7 billion,” said Kirit Bhansali, chairman of the Gem & Jewellery Export Promotion Council.
Mark Kent, chief executive of the Scotch Whisky Association, welcomed the “transformational” deal: “This is a once in a generation deal and a landmark moment for Scotch Whisky exports to the world’s largest whisky market.
“The reduction of the 150 per cent tariff on Scotch Whisky will be transformational for the industry, and has the potential to increase Scotch Whisky exports to India by £1bn over the next 5 years, creating 1,200 jobs across the UK.
