India-UK trade deal to boost textiles, pharma, gems exports: FIEO

The proposed trade agreement between India and the United Kingdom is expected to boost industries such as textiles, leather, gems and jewellery, pharmaceuticals, marine and engineering items, exporters’ association FIEO said on Wednesday.

The deal will be inked on July 24, during Prime Minister Narendra Modi’s visit to the United Kingdom. It aims to double bilateral trade, potentially reaching USD 120 billion by 2030.

The Federation of Indian Export Organisations (FIEO) has stated that the deal is likely to abolish duties on Indian apparel and textiles, making them more competitive in the UK market.

It will also boost exports in high-value industries such as gems, 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.

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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.