The agreement will be signed on July 24, during Prime Minister Narendra Modi’s visit to the UK. It is expected to help double bilateral trade by 2030 to USD 120 billion.
The Federation of Indian Export Organisations (FIEO) also said that the agreement is likely to eliminate tariffs on Indian garments and textiles, enhancing their competitiveness in the UK market.
It will also strengthen exports in high-value sectors like gems and jewellery and pharmaceuticals.
Improved market access and reduced tariffs will further benefit Indian leather and footwear, auto components, spices, tea, and processed foods, it said, adding the FTA is also expected to streamline regulatory approvals for Indian pharmaceutical products in the UK.
Moreover, it could ease mobility and open up new opportunities for Indian IT, business services and professional services firms, FIEO President S C Ralhan said.
