Britain hopes - there will be a jump of 25 billion pounds in trade between the two countries; will get a bigger market
India-UK FTA: The India-UK Free Trade Agreement will make trade faster, cheaper, and easier. This agreement will increase opportunities in the Indian market, especially for small and medium businesses (SMEs). Steel, auto, food, and medical sectors will benefit. Also, trade between the two countries will increase by 25.5 billion pounds annually.
The recently signed Free Trade Agreement (FTA) between India and Britain will become simpler for medium-sized businesses (SMEs) to make their way into the Indian market of India. The British government has released a statement on Wednesday and explained that this agreement will now make trade cheaper, faster and simpler. The Trade Minister of Britain, Jonathan Reynolds, referred to this as the greatest ever deal by India in this regard and expressed the view that this will boost the export of UK steel, automobiles, whiskey, gin, cosmetics, medical devices, machinery and meat to India.
The FTA will boost trade between the two nations by approximately 25.5 billion pounds annually. The UK Food and Drink Federation's head Karen Bates added that Britain supplied food and drinks valued at approximately 300 million pounds to India in 2024 and this FTA has opened a huge prospect for this industry.
The FTA digital customs system and better processes will make business easier, especially for small businesses that were not able to enter the Indian market earlier. On this occasion, the first meeting of the 'Board of Trade' was also held, in which big business leaders of Britain participated. This board will help small businesses to get access to global markets and benefit from agreements with countries like India and America.
On the other hand, regarding this agreement, Bill Winters, CEO of Standard Chartered Bank, said that this is a historic opportunity which will take trade and innovation between India and Britain to new heights. It is worth noting that apart from FTA, a new trade agreement has also been signed between Britain and America, which will benefit more than 3 lakh jobs in sectors like automobile, steel, aluminum, pharma and aerospace. If seen, this new phase is being considered an important step towards economic development and improving living standards in the entire country under Britain's new trade strategy and small business policy.
