India-UK Trade Deal Will Unlock $23 Billion In Opportunities: Piyush Goyal
Artisans, weavers, and daily-wage labourers employed in several MSMEs across textiles, leather, footwear, gems and jewellery, toys, and marine products will step into a new phase of prosperity, he said
New Delhi: Commerce and industry minister Piyush Goyal on Thursday said that India-UK trade deal will provide duty-free access to several domestic sectors such as leather, electrical machinery and chemicals in the British market, thus unlocking nearly $23 billion in opportunities. “Artisans, weavers, and daily-wage labourers employed in several MSMEs across textiles, leather, footwear, gems and jewellery, toys, and marine products will step into a new phase of prosperity,” he said.
The pact, which is known as Comprehensive Economic and Trade Agreement, was signed in London on Thursday in the presence of Prime Minister Narendra Modi and his British counterpart Keir Starmer. “Duty-free access for about 99 per cent of Indian exports unlocks nearly $23 billion in opportunities for labour-intensive sectors, marking a new era for inclusive and gender-equitable growth,” Goyal said in a post on X.
The minister further said that this deal would ensure duty-free exports of nearly 95 per cent of agricultural products, while fisher folk gain from zero duty on 99 per cent of marine exports, boosting their incomes. “The deal will also have a transformative impact on manufacturing-intensive sectors like engineering goods, electronics, pharma, chemicals, food processing, and plastics. It will also provide Indian consumers high quality goods at competitive prices,” he added.
Goyal also said that India's talent in IT, services, and education will gain from easier access to the UK's high-value markets. “The three-year exemption from social security contributions in the UK as part of the double contribution convention is a significant breakthrough for Indian workers and their employers,” he said, adding chefs, yoga instructors, musicians and business visitors will also be benefitted from the pact.
As per the latest government data, India’s exports to the UK rose by 12.6 per cent to $14.5 billion, while imports grew by 2.3 per cent to $8.6 billion in 2024-25. However, the bilateral trade between India and the UK increased to $21.34 billion in 2023-24 from $20.36 billion in 2022-23,” it said.
