UK-India FTA marks pivotal shift in global trade dynamics: Expert
New Delhi: The free trade agreement (FTA) between India and the United Kingdom is expected to boost India’s rapid economic growth. Commerce Secretary Sunil Barthwal termed it a “game changer” and said it is the most comprehensive trade deal India has ever entered into.
“This is the most comprehensive free trade deal ever entered into by India and will be the gold standard for our future engagements. It opens up export opportunities for sectors such as textiles, marine products, leather, footwear, sports goods and toys, gems and jewellery,” Barthwal was quoted as saying by PTI.
Meanwhile, a report by SBI Research said that the FTA is part of a new global trade strategy that aims to reduce dependence on China, manage trade challenges from US tariffs, and help the UK reshape its economy after Brexit.
Moreover, the report said that the multi-billion-pound deal will reduce tariffs on 90 per cent of traded goods, helping businesses on both sides.
Commenting on the development, Ankit Patel, Partner at Arunasset Investment Services, said that the UK-India Free Trade Agreement marks a pivotal shift in global trade dynamics, especially in the post-Brexit and post-pandemic context.