Zero Duties, Infinite Possibilities: Goyal’s Exporter Meet Poised to Redefine India-UK Commerce

Image Source: The Economic Times

Piyush Goyal, the Commerce and Industry Minister, will meet with major export promotion councils and trade leaders on May 8 to talk about the historic India-UK Free Trade Agreement (FTA), which is set to redefine bilateral trade and open new avenues for Indian exporters. The meeting follows only a few days after India and the UK finalized a historic agreement that seeks to double trade to $120 billion by 2030.

Important Points:

Tariff Breakthroughs: The FTA removes duties on 99% of Indian exports to the UK, including most labour-intensive industries such as leather, textiles, shoes, gems, jewellery, and marine products. This is likely to provide a strong competitive advantage to Indian exporters in the UK market.
Cheaper Imports: The agreement also slashes tariffs on UK exports to India, notably halving whisky and gin duties to 75% initially and further to 40% over a decade, and reducing tariffs on British automobiles, including electric vehicles.
Exporter Clarity: Exporters will be looking for information on reductions in tariffs, particularly for vehicles, quota design, and whether electric cars are included. They also will be talking about the domestic industry impact and possible benefits to Indian service providers.
Labour Mobility: Indian workers temporarily posted in the UK will be exempt from UK social security contributions for a period of three years, which will make Indian professionals more competitive without changing the UK's immigration system.
Strategic Effect: Industry titans and officials praise the FTA as a game-changer, creating a new standard for trade agreements and taking bilateral trade to the target of $100–120 billion by 2030, increasing jobs, investments, and cooperation in technology.
Extensive Involvement: All top export councils and the Federation of Indian Export Organisations (FIEO) will be included, providing comprehensive feedback as India gears up to achieve maximum gains from the deal.

This meeting will chart India's export plan and prepare the industry to grab the fresh opportunities opened up by this revolutionary trade agreement.

Sources: Economic Times, Moneycontrol, Rediff, PIB

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