Blitz India Business
NEW DELHI: The India-UK free trade agreement (FTA) can help bilateral trade trajectory expand from $58 billion in 2025-26 to $115 billion by 2030, along with the possible creation of 7-10 lakh new employment opportunities, according to a new Assocham study.
The India-UK FTA, which is now in force since July 15 is expected to expand business horizons via increased market access and create new employment opportunities for the young population, said the study by Assocham Global Research and Strategy Centre.
With new opportunities and deeper market access in labour-intensive industries like textiles, leather, engineering goods, pharmaceuticals, automotive, among others, employment generation and export promotion stand to gain, said the study.
It further stated that for India to realise this massive potential, sustained competitiveness is crucial.
“Indian businesses will need to meet product quality, certification requirements, Rules of Origin compliance, and international sustainability standards. Ease of doing business reforms and continued investments in infrastructure and supply chain will hold the key to meeting these criteria,” said Nirmal K Minda, President, Assocham.
The engineering goods sector is expected to benefit from the agreement, thus providing an impetus for MSME growth and ultimately job creation.
Furthermore, simpler customs and digital trade provisions will simplify compliance, reduce turnaround time, and create a more agile trade environment, said Minda.
The India-UK CETA brings together two complementary economies.
