‘99% of Indian exports will enjoy zero-duty access to UK market, enhancing export competitiveness’

Sunil Kohli, MD, Rahat Cargo said, “As per the UK government the new trade agreement is projected to boost annual bilateral trade between India and the UK by £25.5 billion which comprises 26 chapters and is expected to take around 15 months for full implementation. Consequent upon finalisation of the FTA, an approximately 99 percent of Indian exports will enjoy zero-duty access to the UK market, enhancing export competitiveness. Further, the import duties on 90 percent of tariff lines will be reduced, with 85 percent of these becoming completely tariff-free over the next 10 years, offering notable savings for Indian consumers and businesses. The agreement is expected to boost exports from India’s labor-intensive sectors, including textiles, marine products, leather, footwear, sports goods, toys, gems and jewelry, engineering goods, auto parts, engines, and organic chemicals, creating new business and employment opportunities. And above all. the Indian professionals working temporarily in the UK will benefit from a three-year exemption from social security contributions, reducing the financial burden for both employees and employers. In conclusion, the deal projects a win win situation to both the countries.”