India – UK FTA signed our terms; by far the largest and most comprehensive person: Piyush Goyal
India-UK FTA: The Indo-UK Free Trade Agreement signed by Prime Minister Narendra Modi and British Prime Minister Keir Starmer will revolutionize the trade relations between the two countries. Union Commerce and Industry Minister Piyush Goyal described the agreement as a “game-changing” for Indian farmers, MSMEs, fishermen, young entrepreneurs and businessmen.
Goyal said in his speech that the agreement is the largest and most comprehensive FTA signed by India so far.
Once implemented, the deal will give India a 99% export of tax-free India to the UK, providing a significant boost to the country’s economy. The cabinet’s approval of the deal has been approved in India and is now awaiting permission from the British Parliament.
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“Prime Minister Narendra Modi and British Prime Minister PM Keir Starmer signed a free trade agreement. India has received cabinet approval, but the UK’s parliamentary approval is pending. This is a game-changing free trade agreement that will provide tremendous opportunities and benefits for farmers, businessmen, young people, young people and Far in India. Most importantly… This FTA has been signed under our terms… We have 99% of exports that will be able to go to the UK, tax-free…” said the Minister of Commerce.
Signature with partners, not competitors: Goyal Attacks UPA
In a direct comparison with past trade agreements, Goyal slammed the UPA-era FTA, claiming they were harming India’s manufacturing countries by dumping cheap goods. He said that by contrast, the Modi government has been complemented by India’s economic structure, including the UK, Mauritius, Australia, the UAE and EFTA countries.
“The UPA government signed FTA with our competitors, those countries that will sell their products in India to destroy India’s manufacturing industry at a cheaper price… The FTA signed during the UPA rules is not in the best interest of the country. The FTA signed by PMNarendra Modi signed by Narendra Modi signed by Australia, Australia, Australia, EFTA countries, EFTA, UAE, UAE and UK NOUDES NOWER INDER INDER INDER INDENIDS INDENS DENSIONS FTIRES INDIND. Compete with us, but complement us.
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Protecting India’s heritage and gastrointestinal products
The agreement also includes provisions for the protection of Indian intellectual property and Geographic Instructions (GI) products. Goyal highlighted a specific case, mentioning how the Ministry of Commerce acted quickly when global brands use Kolhapuri Chappal designs without permission. The new agreement ensures that India receives the proper recognition and value of this traditional handicraft.
“…When global brands use the design of our Kolhapuri Chappals, the Ministry of Commerce took immediate action. Looking ahead, when Kolhapuri Chappal is exported, India will receive the honor it deserves for its design. This is a GI product from India. Many global brands sell chappuri crapuri-000 in products with India. In the international market,” added Goyal.
Touch $120 billion in deals by 2030
During PM Modi’s two-day UK visit, the two countries also reiterated their goal of increasing bilateral trade to $120 billion by 2030. As part of the deal, India’s average tariff on UK imports will drop from 15% to 3% and from 3% to 3%.
The FTA is aligned with India’s vision of becoming a developed country or Viksit Bharat in 2047 and is expected to serve the growth aspirations of both economies.
