Piyush Goyal, the minister of commerce and industry, praised the India-UK free trade agreement (FTA) on Saturday, calling it a “game-changing” accord that offers farmers, businesspeople, MSME sectors, young professionals, and fishers a plethora of prospects and advantages.
At a press event here, he stated, “The India-UK free trade agreement has already been approved by the Indian Cabinet and will become operational once the UK parliament has finished the ratification process.”
The Commerce Minister claims that the free trade agreement with the United Kingdom is the “biggest, most comprehensive, and most important” of all the FTAs that India has signed.
“After nearly 22–23 years of negotiations, India and the UK signed a win-win free trade agreement that benefits both countries,” he remarked.
99 percent of India’s exports to the UK, encompassing almost the whole trade basket, will enjoy hitherto unheard-of duty-free access thanks to the Comprehensive Economic and Trade Agreement (CETA). With almost 95% of Indian farm products receiving duty-free entry into the UK, the agreement benefits the agricultural sector greatly.
By keeping apples, dairy products, and edible oils out of the FTA, India also safeguarded the interests of its own farmers.
Indian professionals employed in the UK will also benefit greatly from the historic agreement, as they will no longer be required to pay social security tax for up to three years, which is expected to save them an estimated Rs 4,000 crore annually.
Goyal added that each of the other FTAs in the works will have a unique template. “India and no other nation are engaged in a trade war. All of our free trade agreements are moving forward in the right direction, at the right pace, and with the right goals,” he stated.
The minister added that India is actively negotiating with the US, Peru, Chile, Oman, the EU, and other nations. “Everything is proceeding in the proper direction and at the appropriate pace,” he stated. By the end of 2025, India and the EU hope to have a free trade agreement in place.
Goyal also criticized the UPA government, pointing to the pact with the Association of Southeast Asian Nations (ASEAN) as evidence of how trade deals established during the UPA era threatened India’s industrial capacity.
“PM Narendra Modi has signed free trade agreements (FTAs) with the UAE, Australia, Mauritius, EFTA nations, and now the UK. There are ongoing discussions with other developed nations. India now has free trade agreements with nations that complement it rather than compete with it, he said.
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