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Exports from India's labour-intensive sectors will get a huge boost with #IndiaEUTradeDeal

40,857 views • 6 months ago •via X (Twitter)

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The historic #IndiaUKFTA was signed last week. Here are the highlights of some of the key benefits from the deal: 1⃣: Indian goods gain zero-duty access on 99% of tariff lines, covering nearly 100% of trade value. $23 billion export opportunity in labour-intensive sectors unlocked for India. 2⃣: MSMEs and small businesses will see a demand boom, boosting both jobs and investments. They can also now participate in the UK’s government procurement. Our artisans, craftsmen, and others will emerge as key players in global value chains. 3⃣: The deal will create opportunities for over $900 million of exports in the leather and footwear industries. With tariffs cut from as high as 12% to zero, there will be a big surge in exports of Indian textiles and clothing. Production in sectors like gems and jewellery, chemicals, plastics, furniture, sports goods & toy manufacturing, among others, will see a big uptick. 4⃣: Big gain for our farmers with duty-free access into the $37.5 billion UK market on over 95% of our agri and processed foods tariff lines. India’s sensitive sectors like dairy, apples, oats & edible oils stay protected. Tariffs on 99% marine exports have been eliminated, opening up the UK’s $5.4 billion marine market to our exporters and fisherfolk. 5⃣: A key breakthrough is the Double Contribution Convention, which improves take-home pay for Indian workers and lowers costs for companies. 75,000 Indian workers have been exempted from the UK social security payments for 3 years. 6⃣: The Indian pharma industry is poised for big gains with the agreement. Zero tariffs will give our generic medicine exports a massive impetus. With tariff cuts to zero, our engineering goods & electronics will also strengthen our foothold in the UK market.

Piyush Goyal

13,731 views • 1 year ago