Latest News | India-UK FTA to Benefit Exporters, Steer Bilateral Trade Towards USD 100 Bn by 2030: Industry

New Delhi, May 6 (PTI) Industry bodies on Tuesday said the India-UK FTA amid the current uncertain global environment will immensely benefit Indian exporters looking to enhance their presence in the UK market, steering bilateral trade towards the ambitious target of USD 100 billion by 2030.

They stressed that the free trade agreement (FTA) will impact new momentum to sectors like FMCG, healthcare, and innovation-driven enterprises.

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Ficci President Harsha Vardhan Agarwal said, "Guided by Prime Minister Modi's bold and strategic leadership, this milestone reflects India's growing stature as a global economic force and a trusted partner in progress."

The India-UK FTA underscores the need for enhanced trade and investment opportunities amidst the current global trade environment that is faced with uncertainties. This deal will be immensely beneficial for Indian exporters looking to enhance their presence in the UK market, Ficci said.

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CII President Sanjiv Puri said this transformative accord "reflects our shared commitment to deepening economic ties, bolstering technology collaboration, diversifying global supply chains, and fostering a more business-friendly environment".

"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 USD 100 billion by 2030," Puri said.

Commenting on the deal, TVS Motor Company MD Sudarshan Venu said it creates large opportunities for Indian companies like TVS Motor to expand further and access new markets.

"We really appreciate the effort taken by the government to make this historic India-UK Free Trade Agreement. Our British brand Norton will launch later this year and this agreement will help us scale faster and leverage common supply chains. We are excited as we further progress towards Viksit Bharat," he added.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)