India-UK FTA talks to boost trade in textiles, leather, and footwear
22 October 2023, Mumbai
IN BRIEF
The bilateral free trade agreement (FTA) talks between India and the UK, which began in April 2023, are expected to conclude by the end of the year with a comprehensive deal covering more than 90 percent of goods and 40 percent of services. The FTA will benefit sectors like textiles, leather goods, and footwear, which face high tariffs in the UK market.
The FTA will also build on the existing trade relations between the two countries, which reached over $800 billion in 2023. India’s exports to the UK, which include petroleum products, medicines, diamonds, and wooden furniture, are estimated at $11.41 billion in the 2022-23 fiscal year.
The FTA will reduce the average tariff on Indian goods from 4.2 percent to zero or low levels, increasing India’s exports by nearly $5 billion.
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